Paying the proper amount of tax by the annual federal income tax filing deadline isn’t enough to avoid interest and penalties; you must also meet requirements for paying
If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can
Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject
Business owners could see substantial tax savings faster by conducting cost segregation studies. These studies identify property components and their costs, allowing you to maximize current depreciation deductions
Last year a break valued by many charitable retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions (
Investing in mutual funds is an easy way to diversify a portfolio. This is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s.
When the deductible expenses of a business exceed its income, a net operating loss (NOL) generally occurs. If you’re planning ahead or filing your income tax return after
You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally considered “passive”
The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the PATH (Protecting Americans from Tax Hikes) Act of 2015. So,
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business went down. Why? Since gas prices are lower than
You might be able to claim a deduction for the business use of a home office. If you qualify, you can deduct a portion of expenses, including rent
It’s common for parents, grandparents and others to make gifts to minors and college students. Maybe you want to do this to help fund education expenses or simply
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