When was the last time you or your attorney updated your will or trust? When did you last spend the time to even review those important documents? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. A …
Tax Central
Tax Benefits For People With Disabilities
Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. Disability tax breaks ABLE Accounts A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. Qualified ABLE programs provide the means for individuals and …
Take Tax Advantage Of A Low-Income Year
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2019 is not producing a lot of income for you, or your income will be substantially lower this year than …
Can One Deduct Costs Of Modifications For Senior Proofing A Home
While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. Many individuals, for either themselves or an older family member, are senior-proofing their homes – adding …
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Crowdfunding Can Have Unexpected Tax Consequences
Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised during crowdfunding is taxable depends upon the …
Is It Better To Have A Tax Credit Or A Deduction?
People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or a credit. But these benefits’ effects are quite different, and each type has various categories. As a result, the …
Tax Issues That Arise When Converting A Home Into A Rental
While there are many details to be aware of when converting your home into a rental – tax issues should be considered first. There are many reasons to convert a home into a rental. For example, having a prior home produce income and appreciation after the owner buys a new home. Or to help maximize …
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Watch Out For Those Fake IRS Letters
Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” when the IRS attempts to match the …
Earn Tax-Free Income From Working Abroad
U.S. citizens and resident aliens are taxed on their worldwide income, whether they live inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude all (or part) of their foreign salary or wages, or amounts received as compensation for their personal services …
