Tax deductions aren’t the only things to consider when looking for ways to reduce your tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially “refundable” to the extent of […]
Taxes
There are a Variety of Steps You Can Take to Benefit Your Next Tax Year
The tax year is pretty much a wrap. There’s not too much individual taxpayers can do to change the outcome. But there are a variety of steps you can take this year that will affect how your next year’s tax year plays out. Review Tax Payments If you customarily get a healthy tax refund, you may want […]
How to Decide Between Taxable and Tax Exempt Investments
Suppose you are considering two investments. One is tax-exempt and the other is taxable. Which should you choose? Make the Comparison The first thing you should determine is the taxable investment’s after-tax yield. If two investments are offering the same rate of return and are of equal quality, you’re better off with the tax-exempt investment. […]
Taking Family Members on a Business Trip
Anyone who spends a significant amount of time traveling for business purposes will tell you that living out of a suitcase is no fun. Despite routinely traveling to destinations many people only hope to visit, many business travelers dislike having to leave home on an extended business trip. Taking a spouse or the whole family […]
Federal Tax Breaks Restored
Individual and business taxpayers can benefit from a variety of federal tax breaks that were extended or made permanent by the Protecting America from Tax Hikes (PATH) Act and the Consolidated Appropriations Act, 2016. Here are selected highlights. State and local sales tax deduction. The law gives individuals who itemize their deductions the option of […]
All About the Earned Income Tax Credit
Individuals who are working and who have low-to-moderate taxable income may qualify for this income tax credit. When you think about ways to offset your income as you’re preparing for income tax time, do you primarily consider the deductions you can take? Things like home mortgage interest, charitable donations, and taxes you paid that can […]