Year-End Giving to Charity or Loved Ones

Year-End Giving to Charity or Loved Ones

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive...
How Savings Bonds Are Taxed

How Savings Bonds Are Taxed

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may be wondering how the interest you earn is taxed. And what action do you need to take to ensure there’s no...
Computer Software Costs: How Does Your Business Deduct Them?

Computer Software Costs: How Does Your Business Deduct Them?

Today, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the...
Adopting a Child? Bring Home a Tax Break Too

Adopting a Child? Bring Home a Tax Break Too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. This will increase to $15,950 in 2023....
2023 Limits for Businesses that Have HSAs or Want to Establish Them

2023 Limits for Businesses that Have HSAs or Want to Establish Them

Business owners don’t need to be reminded the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to...
How Inflation Will Affect Your 2022 and 2023 Tax Bills

How Inflation Will Affect Your 2022 and 2023 Tax Bills

The effects of inflation are all around us. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next...