Month

If you usually receive a large federal income tax refund, you’re essentially making an interest-free loan to the IRS. Rather than wait until you file your 2015 tax return in 2016, why not begin enjoying your “refund” now by reducing your withholdings or estimated tax payments for...

A principal consideration for any business, whether new or existing, is choosing an appropriate legal entity. Available options in most states include C corporations, S corporations, general and limited partnerships, limited liability companies (LLCs), limited liability...

If you are charitably inclined, you may wish to consider contributing to a charitable gift annuity, which can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, your future taxable estate will be reduced for the remainder value of...

If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are some things you should know about deducting casualty losses: Casualty loss. You may be able to deduct losses based on the damage done...

On June 29, the Trade Preference Extension Act of 2015 (TPE) was signed into law. The TPE mainly focuses on foreign competition and retraining domestic workers. But if you read the fine print, you’ll see that it also includes important — but little-noticed — changes to the...

On June 26, the U.S. Supreme Court ruled that same-sex couples have a constitutional right to marry, making same sex marriage legal in all 50 states. For federal tax purposes, same-sex married couples were already considered married, under the Court’s 2013 decision in United...

If you’ve done some gambling, you may need to know about the applicable federal income tax rules. They can be summarized as follows. You must report 100% of your wagering winnings as taxable income on your Form 1040. The value of complimentary goodies (“comps”) provided by...

The national unemployment rate recently fell to 5.5%, according to a Bureau of Labor Statistics (BLS) report for May. That’s a two-point decline since May of 2013. A closer look at the current numbers reveals a 4.5% unemployment rate for all adults at least 25 years of age,...

President Obama signed two trade bills into law on June 29 that include various tax provisions. The focus of the trade bills is mostly foreign competition and domestic jobs, but they contain new rules for claiming higher education tax credits, new fees for failing to file...

In his 2015 State of the Union Address last January, President Obama said employees should get the overtime they’ve earned. He then directed the U.S. Department of Labor (DOL) to review and amend the overtime rules under the Fair Labor Standards Act (FLSA) to make more...