Tax record retention guidelines for individuals

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard. The 3-year and 6-year [...]

By | 2018-04-25T10:53:33+00:00 April 25th, 2018|Tax|Comments Off on Tax record retention guidelines for individuals

Individual tax calendar: Important deadlines for the remainder of 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key [...]

By | 2018-04-18T11:04:15+00:00 April 18th, 2018|Tax|Comments Off on Individual tax calendar: Important deadlines for the remainder of 2018

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of [...]

By | 2018-04-11T11:49:51+00:00 April 11th, 2018|Tax|Comments Off on Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

Can you claim your elderly parent as a dependent on your tax return?

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency [...]

By | 2018-03-27T10:19:52+00:00 March 28th, 2018|Tax|Comments Off on Can you claim your elderly parent as a dependent on your tax return?

Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, [...]

By | 2018-03-21T11:34:24+00:00 March 21st, 2018|Tax|Comments Off on Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster [...]

By | 2018-03-14T10:05:19+00:00 March 14th, 2018|Tax|Comments Off on Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Don’t be a victim of tax identity theft: File your 2017 return early

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of [...]

By | 2018-01-10T12:16:47+00:00 January 10th, 2018|Tax|Comments Off on Don’t be a victim of tax identity theft: File your 2017 return early

2018 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing [...]

By | 2017-12-15T10:31:20+00:00 December 15th, 2017|Business, Tax|Comments Off on 2018 Q1 tax calendar: Key deadlines for businesses and other employers

Watch out for potential tax pitfalls of donating real estate to charity

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally [...]

By | 2017-11-29T17:53:32+00:00 November 29th, 2017|Tax|Comments Off on Watch out for potential tax pitfalls of donating real estate to charity

How to determine if you need to worry about estate taxes

Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal — applies to transfers [...]

By | 2017-10-25T14:37:16+00:00 October 25th, 2017|Tax|Comments Off on How to determine if you need to worry about estate taxes
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