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Tax Tip Library

Tax tips and timely information for businesses and individuals.

Good Records are the Key to Tax Deductions and Trouble-Free IRS Audits

Good Records are the Key to Tax Deductions and Trouble-Free IRS Audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re...

Seniors: Can You Deduct Medicare Premiums?

Seniors: Can You Deduct Medicare Premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a...

A Nonworking Spouse Can Still Have an IRA

A Nonworking Spouse Can Still Have an IRA

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has...

There’s Still Time to Make a Deductible IRA Contribution for 2019

There’s Still Time to Make a Deductible IRA Contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you...

TAX TIP: COVID-19: IRS Announces More Relief and Details

TAX TIP: COVID-19: IRS Announces More Relief and Details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More...

TAX TIP: The New COVID-19 Law Provides Businesses With More Relief

TAX TIP: The New COVID-19 Law Provides Businesses With More Relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee...

TAX TIP: Individuals Get Coronavirus (COVID-19) Tax and Other Relief

TAX TIP: Individuals Get Coronavirus (COVID-19) Tax and Other Relief

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15,...

Why You Should Keep Life Insurance Out of Your Estate

Why You Should Keep Life Insurance Out of Your Estate

If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax...

The 2019 Gift Tax Return Deadline is Coming Up

The 2019 Gift Tax Return Deadline is Coming Up

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who...

Home is Where the Tax Breaks Might Be

Home is Where the Tax Breaks Might Be

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you...

Reasons Why Married Couples Might Want to File Separate Tax Returns

Reasons Why Married Couples Might Want to File Separate Tax Returns

Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint...

The Tax Aspects of Selling Mutual Fund Shares

The Tax Aspects of Selling Mutual Fund Shares

Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules...

There Still Might Be Time To Cut Your Tax Bill With IRAs

There Still Might Be Time To Cut Your Tax Bill With IRAs

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020,...

Numerous Tax Limits Affecting Businesses Have Increased for 2020

Numerous Tax Limits Affecting Businesses Have Increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security Tax The amount of employees’ earnings that are subject to Social...

Can You Deduct Charitable Gifts on Your Tax Return?

Can You Deduct Charitable Gifts on Your Tax Return?

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get...

Four New Law Changes that May Affect Your Retirement Plan

Four New Law Changes that May Affect Your Retirement Plan

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes....

New Law Provides a Variety of Tax Breaks to Businesses and Employers

New Law Provides a Variety of Tax Breaks to Businesses and Employers

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20,...

Top 10 Tax Tips of 2019

Top 10 Tax Tips of 2019

We've reviewed our stats and based on our most read Tax Tips from this past year, we've compiled a list of our Top 10 Tax Tips of 2019. 1. Take Advantage of the Gift Tax Exclusion Rules  With the annual federal gift tax exclusion, you can transfer substantial amounts...

Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions

Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...

Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking...

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