There is good news about the Section 179 (Sec. 179) depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased...
If you are a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash...
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you are getting...
Business travel is still tax-deductible under the Tax Cuts and Jobs Act of 2017 (TCJA), but there is a major difference now. Relatively few individuals will be able to claim such deductions; for the most part, deductions can be taken only at the company level. How...
Now that most schools are out for the summer, you might be sending your children to day camp. It is often a significant expense. The good news: you might be eligible for a tax break for the cost. The value of a credit Day camp is a...
In today’s global economy, multinational corporations engage in numerous cross-border transactions. But how they report those transactions is often vague. To help reduce stakeholders’ exposure to potential hidden risks, the Financial Accountability & Corporate Transparency (FACT) Coalition wants multinationals to disclose more information about corporate...
Included below are some key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list is not all-inclusive, so there may be additional deadlines that apply to you. Contact us to make sure you are meeting...
You have probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. However, be aware that donating a vehicle may not result in a big tax deduction or any deduction at all. Trade...
Year-end tax planning is on the agenda for many taxpayers, with good reason. That said, you do not have to wait for November or December to make astute moves. Planning in June or July can lead to tax savings that might be reduced or lost...
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Do not forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated...