Maximize your year-end giving with gifts that offer tax benefits

/ Page 2

Maximize your year-end giving with gifts that offer tax benefits

0 Comments
October 22, 2024 ,

annual gift tax

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or requiring a gift tax return. Taking advantage of this rule can help you reduce the size of your taxable estate while benefiting your family and friends.

Continue Reading: Maximize your year-end giving with gifts that offer tax benefits

Is your money-losing activity a hobby or a business?

0 Comments
October 15, 2024 , , ,

hobby business

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes.
Continue Reading: Is your money-losing activity a hobby or a business?

Unlock your child’s potential by investing in a 529 plan

0 Comments
October 8, 2024 , , ,

529 plan

If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis.
Continue Reading: Unlock your child’s potential by investing in a 529 plan

Can homeowners deduct seller-paid points as the real estate market improves?

0 Comments
October 2, 2024 ,

seller-paid points

The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their dreams of purchasing property. “The recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said National Association of Realtors Chief Economist Lawrence Yun.

Continue Reading: Can homeowners deduct seller-paid points as the real estate market improves?

Make year-end tax planning moves before it’s too late!

0 Comments
September 24, 2024 , , ,

year-end tax planning

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next.
Continue Reading: Make year-end tax planning moves before it’s too late!

Is your home office a tax haven? Here are the rules for deductions

0 Comments
September 17, 2024 , ,

home office tax deduction

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional and related occupations works from home.

Continue Reading: Is your home office a tax haven? Here are the rules for deductions

Understanding the $7,500 federal tax credit for buying an electric vehicle

0 Comments
September 10, 2024 , , , ,

electric vehicle tax credit

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles.
Continue Reading: Understanding the $7,500 federal tax credit for buying an electric vehicle

6 tax-free income opportunities

0 Comments
September 3, 2024 , , , , ,

tax-free income opportunities

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications:

Continue Reading: 6 tax-free income opportunities

Are you liable for two additional taxes on your income?

0 Comments
August 27, 2024 , ,

NITT and Medicare Tax

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you.

Continue Reading: Are you liable for two additional taxes on your income?

Working remotely is convenient, but it may have tax consequences

0 Comments
August 21, 2024

remote work

Many employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and employees, and as a result, it’s here to stay in many industries. But it may also lead to some tax surprises, especially if workers cross state lines.

Continue Reading: Working remotely is convenient, but it may have tax consequences