News

Rather than keeping track of your actual vehicle-related expenses, you may be able to use a standard mileage rate to compute certain tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses and what are the amounts for 2022?

If you’re a business owner or executive, you might be taking it a little easy this summer. But don’t take it so easy that you forget about these third-quarter tax deadlines.

If you’re getting a divorce, you know it can be a difficult process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are five issues to consider.

Business owners: Are high gas prices getting you down? The IRS is providing some relief by raising the optional standard mileage rate for the last six months of 2022.

How much do Americans spend on AC? The number may surprise you. Get tips to start saving.

With the federal estate tax exemption currently so large, you may want to devote more time to saving income taxes for your heirs.

The “dividends-received deduction” may take some of the bite out of a C corporation’s tax bill. Here’s how.

Small businesses and start-ups engaging in research activities: Here’s a way to save on payroll taxes.

Some people are under the misconception that Social Security benefits are always free from federal income tax. So they may be surprised to learn that benefits may be taxed in retirement. Here are the rules.

An important deadline is coming up for quarterly federal estimated tax payments. Here are four methods for corporations to compute them.

If the value of your portfolio is down, you may want to turn the stock market downturn into a tax-saving opportunity. How? By converting a traditional IRA into a Roth IRA.

Do you own Series EE bonds? Take a look at the issue dates to see if the bonds are no longer earning interest. Here’s some information about how bond interest is taxed.

You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.

If you’re involved in a partnership, you likely know it’s taxed differently than a C corporation. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.

If you're looking for a way to incentivize and retain key employees, considering offering a nonqualified deferred compensation (NQDC) plan.

Starting with the 2022 tax year, filing and receiving 1099-K forms will be much more complicated for many businesses and self-employed individuals.

Here’s a strategy for older taxpayers who are philanthropically inclined and also take distributions from their traditional IRAs.

If your business provides Health Savings Accounts to employees, you know they have many benefits. Here are a few of them, along with the inflation-adjusted amounts for 2023. Hint: They’re going up more than they have in recent years due to high inflation.

There are certain requirements if you donate valuable assets to charity. The penalty for failing to follow the rules is generally denial of the charitable deduction. Here are the requirements for obtaining an appraisal.

If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.

Coin collecting, photography, painting, writing, horse breeding and crafts are just some of the hobbies that taxpayers turn into businesses. Can they deduct the losses they incur on their tax returns?

When you sell a principal residence that has appreciated in value, you generally can exclude $250,000 ($500,000 for married couples) of the gain from tax. But many homes sell at a much higher profit, which is why you should keep track of your "basis."

It’s home selling (and buying) season. What are the tax consequences if you buy another home but decide to keep your current home and rent it out?

If your 2021 tax return has been filed by tax day, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.

If you’re looking for a new partner to add to your partnership, you may think the hard part is over once you find the right person. But there may be tax challenges ahead.