Search our site

Key Rules for Home Office Deductions

Do you work from home all or part of the time? If you’re self-employed and meet certain requirements you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate – or it may be computed

Posted in Tax

Chart a Tax Course for Business Travel

Are you planning to take a business trip this summer? If your destination is known for its cultural or recreational attractions, you might want to combine some leisure with your business activities. You still may be able to enjoy plenty of tax benefits from the trip – if you stick to a strict tax itinerary. The

Posted in Tax

Bask in Tax Breaks for Vacation Home Rentals

Do you own a vacation home in the mountains or near the water where you can enjoy some much-needed rest and relaxation? If you rent it to tenants while you and your family aren’t using it, the home can be a valuable source of tax deductions, besides providing personal pleasure. In fact, you might even

Posted in Tax

Does the Marriage Penalty Still Exist Today?

A couple’s tax situation changes when they get married – for better or worse. Here are the most important things to know if you recently tied the knot or you’re planning to get married later this year. Timing Counts Your marital status as of December 31 determines your tax filing options for the entire year. Even if

Posted in Tax

New Twists and Turns Taken by EV Credits

Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be eligible for a new and improved tax credit, beginning on your 2023 federal income tax return. But the new law also bars certain high-income taxpayers from claiming the credit. What’s more, if you’re looking

Posted in Tax

Can You Claim Your Parent as a Dependent?

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential benefits to consider when you file your 2023 federal income tax return. 1. HOH Filing Status For unmarried individuals,

Posted in Tax

How Employer-Issued ISOs May Affect Your Taxes

Employer stock options are a potentially valuable asset for recipient employees, especially those who work for start-ups or high-growth companies. For example, many Silicon Valley millionaires reaped sizable windfalls by exercising their employer stock options. Here’s a summary of the federal income tax rules for incentive stock options (ISOs). Tax Planning Objectives Stock options give you

Posted in Tax

Tax Breaks for Employer-Paid Education Expenses

Is your business struggling with a shortage of skilled workers in today’s tight labor market? One possible option is to invest in education programs to upskill your current employees. This strategy can help bridge the gap at your workplace and build loyalty among workers. Plus, the education may qualify for favorable treatment. Here are some possible

Posted in Tax

Tips for Reducing the Impact of NIIT

The net investment income tax (NIIT) was enacted more than a decade ago. While repeal has been discussed more than once, it continues to ensnare a growing number of taxpayers. If you’re at risk for this additional tax, there may be some options to reduce your odds of owing it or the amount of your

Posted in Tax

Spelling Out the Rules for the Net Unrealized Appreciation Tax Break

Are you a small business owner or corporate owner holding appreciated company stock in your 401(k) or other qualified employer-sponsored retirement plan? At some point, you may decide to cash in your stock. If so, you can benefit from an unprecedented federal income tax provision on the books. Briefly stated you can save tax if you

Posted in Tax