Year End Tax Steps!
December 28, 2018 Year End Tax Steps! Take an inventory of your product. If there is product which is expired, damaged or no longer sell-able for whatever reason, take it out of your inventory and mark your total cost as “spoiled”. This is a deductible expense. If you have the ability to sell your excess inventory […]
Rule Applied to ESAs
One per year rollover rule also applies to ESA’s! Source: www.irs.gov & Tax Tips Americas Tax Solutions Photo credit Wikimedia Commons
Taxable Donations or Not
Crowdfunding has grown in the last 20 years raising billions of dollars from hundreds of projects being launched on a daily basis. Crowdfunding is the practice of soliciting financial contributions from a large number of people over the internet. These contributions can be used for a verity of projects. By doing this individuals and organizations […]
Tax Info for Students
Don’t be surprised when your employer withholds taxes from your paychecks. That’s how you pay your taxes when you’re an employee. If you’re self employed you may have to pay estimated taxes directly to the IRS on certain dates during the year. This is how a you pay as you go tax system worksNew employees […]
Donations Deductible
Charitable contributions are donations or a gift to or for the use by a qualified organization. It is voluntary and made without getting or expecting to get anything of equal value. Qualified organizations are nonprofit groups that are religious, charitable, educational, scientific or literary in purpose or that work to prevent cruelty to children or […]
Senior Tax Deduction Tips
Reduce your income taxes each year by taking advantage of the deductions available! Medical & Dental Expenses. These expenses in general are one of the largest expenses for retired people. Good news is that some of these expenses are deductible. If your expenses included health insurance premiums, long-term care insurance premiums, prescription drugs, nursing home […]
Charity Deductions
You must be able to itemize your tax return to take charity deductions. If you can’t itemize this year you can bunch your deductions and make your contributions next year. There are different types of donations. Cash Donations If you donate cash and don’t receive a receipt you don’t have a deduction. You can no […]
INVESTMENT INCOME | subject to tax
Are your investments subject to the 3.8% Net Investment Tax? It targets things like vacation homes and investment properties owned by high income individuals who exceed the threshold. This law requires a tax of 3.8% on the lesser of either your net investment income or the amount by which your modified adjusted gross income (MAGI) […]
Home Sweet Home | Tax Tips for New Homeowners
It was once said, to me, that the smallest amount of money spent on a home would be the down-payment. I’m not sure that I agree but there are steps homeowners need to know to be most tax advantageous. First, gather your documents – the last couple years’ tax returns and your home loan documents […]
CHARITY | Donation or Deduction
A donation is a gift. A (tax) deduction is variable tax dollars subtracted, (or deducted), from ones gross income. Rules to Know…helping others helps you So many rules to remember, and all you really wanted to do was clean out your closets and be able to park your car in the garage once more. Photo […]
