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Installment Sale – a Useful Tool to Minimize Taxes
on April 18, 2024 at 8:00 am
Selling a property you have owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the […]
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Reminder: Claims For Recovery Rebate Credit About to Expire
on April 16, 2024 at 8:00 am
Article Highlights: COVID 2020 Economic Impact Payments Recovery Rebate Credit Credit Refund Is About to Expire $1,200 for Single Taxpayer and $2,400 for Married Couples plus $500 for Dependents. How To Claim the Credit if Not Previously Received […]
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Chicago's Property Tax Turmoil: Challenges After "Mansion Tax" Rejection
on April 12, 2024 at 8:00 am
In a move that could significantly shape the direction of Chicago's future housing policies, voters resoundingly rejected Mayor Brandon Johnson's proposal to impose a tax hike on real estate transactions exceeding $1 million. The 'Mansion Tax' measure, […]
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How Coverdell and 529 Education Savings Plans Differ
on April 11, 2024 at 8:00 am
Article Highlights Coverdell Education Savings Accounts Qualified State Tuition Programs (Sec 529 plans) Savings Contribution Limits Gift Tax Issues The tax code provides two primary advantageous ways of saving for your children's education. We […]
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5 Steps You Should Take Every Time You Open QuickBooks
on April 9, 2024 at 8:00 am
When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions […]
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Drug & Alcohol Addiction Treatments May Be Tax Deductible
on April 9, 2024 at 8:00 am
Article Highlights: Potential medical deductions Medical dependents Divorced parents Medical AGI limitations A taxpayer is allowed an itemized deduction for medical expenses paid during the taxable year and not compensated by insurance or otherwise […]
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Video Tips: Owe Taxes and Can't Pay?
on April 7, 2024 at 8:00 am
Individuals have many options when they cannot pay their tax liability by the April due date, including setting up an IRS payment plan, making a payment by credit card, tapping a retirement plan, and borrowing money from a friend or relative. Each […]
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Proving Noncash Charitable Contributions
on April 4, 2024 at 8:00 am
Article Highlights: Noncash Charitable Contributions Establishing Donation Value Fair Market Value Documentation Requirements Appraisal Requirements Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through […]
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Securing Europe's Breadbasket: EU's Bold Move on Russian Grain Tariffs
on April 3, 2024 at 8:00 am
In a move aimed at safeguarding its markets and supporting Ukraine, the European Commission (EU) has proposed a tariff increase on grain imports from Russia and Belarus. The proposal, issued on March 22, 2024, seeks to address several pressing concerns […]
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Haven't Filed Your 2020 Tax Return? You May Be Forfeiting a Substantial Refund
on April 2, 2024 at 8:00 am
Article Highlights: 2020 refunds are in jeopardy Filing deadline Lost benefits Mailing instructions If you have not yet filed your 2020 federal tax return and have a refund coming, time is running out! The IRS estimates that there are about 940,000 […]
