Here are 7 Taxable Items That May Surprise You

The United States tax code is complex. It’s chocked full of details, including information about what is and isn’t taxable, many of the taxable items may surprise you. The tax code is shockingly long and incredibly challenging to decipher, particularly for anyone who isn’t trained in accounting or finance as it relates to taxes. As a result, most people don’t know everything about taxes, including, at times, issues that pertain to their own situation. That can lead to some startling Read more [...]

5 Charity No-No’s for The New Year

When the Tax Cuts and Jobs Act (TCJA) of 2017 went through, it essentially doubled the standard deduction. This led many households to reevaluate their charitable giving, mainly because they had to reevaluate their tax strategy. With the new year now underway and tax season drawing near, it’s smart to plan for your charitable giving for 2020. With that in mind, here are five charity no-no’s you should keep in mind. 1. Assuming Your Political Donations Count Since 2020 is an election Read more [...]

Sell Losing Stocks to Pay Less in Taxes

As the year draws to a close, many people examine their financial situation. At times, the goal is to take last-minute actions that can lower your tax liability. If you have some losing investments, selling those stocks could help you reduce what you owe. With the tax-loss harvesting strategy, you can reduce what you pay in capital gains taxes. Here’s a look at how it works. How Tax-Loss Harvesting Gives You a Tax Break With tax-loss harvesting, you sell losing stocks to reduce the tax impact Read more [...]

Under the New Tax Laws for 2019 Is Charity Still Worth It?

While many people choose to give to charity to support their communities, the ability to benefit financially made giving more attractive. Taxpayers could itemize their deductions and claim their charitable contributions, giving them the ability to lower their tax burden. However, with the new 2019 tax laws, fewer people are going to benefit from itemizing, decreasing the odds that they will receive a deduction for giving to charity. Changes to the Tax Law When you file your taxes, you typically Read more [...]

IRS Announces 2018 Tax Rates

Few people look forward to paying their taxes, but nonetheless the Internal Revenue Service has announced its 2018 tax rates, along with associated deductions, credits and exemptions. Highlights of the 2018 Tax Rates Highlights include adding another $500 to the maximum annual contribution to most of the numbered retirement plans, along with the government's Thrift Savings Plan. If you apply for ein in 2018 you may need to use a ein filing service. Numbered Plans The maximum contribution for Read more [...]