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Not all property tax deductions are limited
There are exceptions to the $10,000 cap Property owners have been turning to online tax forums the past few years with a head-scratching question that usually goes something like this: “Why is my tax preparation software limiting my itemized deductions for property taxes to $10,000 on my federal return?” In fact, the 2017 Tax Cuts …
Read MoreEstate planning: Joint ownership pros & cons
Estate planners often tout the virtues of owning property jointly — and with good reason. Joint ownership generally offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of all the implications. Title Wording Matters Joint ownership requires interests in property …
Read MoreThere’s currently a ‘stepped-up basis’ if you inherit property — but will it last?
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, …
Read MoreAre investment-related expenses deductible? It depends…
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income. But they’re deductible if they’re considered trade or business expenses. For years before 2018, production-of-income …
Read MoreHeads up! IRS audits may be on the rise
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5 …
Read MoreEligible employers: Act now to claim Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules: Background Congress enacted the ERTC in the CARES Act to encourage employers to hire and retain employees during the pandemic. Initially, …
Read MoreIn the courts: FBAR penalties and the full payment rule
In the recent case of Mendu v. United States, the U.S. Court of Federal Claims handed down a decision regarding whether penalties assessed for failure to file a FinCEN Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR) are subject to the full payment rule. The result of the case sheds some light on this often-misunderstood …
Read More7 valuable deductions for self-employed individuals
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event, there’s been a recent uptick in the number of people starting small businesses. Uncle …
Read MoreRetiring soon? 4 tax issues you might face
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that could have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. …
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