Your Home Office Expenses May Be Tax Deductible
Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it. Regularly and exclusively In…
Donating Your Vehicle to Charity May Not Be a Taxwise Decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell…
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 includes a…
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…
Getting a Divorce? There Are Tax Issues You Need to Understand
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the…
The Tax Implications of Being a Winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning At Gambling Whether you win at the casino, a bingo hall, or elsewhere, you must…