If you’re thinking about helping a child or grandchild pay for school, you’re not alone, and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient.
The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best method for your business.
Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. Many continue working from home and wonder if they qualify for the home office tax deduction.
Click on the links below to jump to each section in this article: An IRA Withdrawal Strategy with Tax-Reducing Power Factoring the QBI Deduction into Year-End Tax Planning for Your Business Added Protection for Your Personal and Financial Information An IRA Withdrawal Strategy with Tax-Reducing Power As the year winds to a close, your chance to lower your 2024 tax bill also winds down. If you’re age 70½ or older, you may want to make a qualified charitable distribution (QCD) from your...
Click on the links below to jump to each section in this article: Medicare Premiums may Lead to Tax Savings Don't Wait Until the Last Minute to File Your Extended Return! An Employee Benefit with Possible Magnetic Power Medicare Premiums may Lead to Tax Savings If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for...
Click on the links below to jump to each section in this article: Using an IRA Withdrawal for a Qualified Home Purchase Get a Jump on Tax Planning How to Deduct Business Travel Using an IRA Withdrawal for a Qualified Home Purchase Purchasing a home is an expensive proposition that leaves many would-be buyers feeling cash strapped. If that’s you, you might be thinking about taking some money out of your traditional IRA to help fund the purchase. But should you? Afterall, a 10% penalty...
QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act (TCJA), and it took effect in 2018.
