I don’t know what Congress is planning to do regarding tax changes, but every year around the third week of December Congress decides to tweak the tax code.
There is tax planning for the recent graduate or their parents who want to give them advice.
Normally if you purchase capital equipment for your business, you don’t get to expense the total cost of the equipment the year you buy it.
There are many deductions for the self-employed.
IRAs are a very useful tool for retirement planning but not enough folks are contributing to them that are eligible to use them.
Most folks looking for tax deductions focus on things like mortgage interest, real estate taxes and charitable donations. But tax rule changes that applied in 2013 made them less valuable in cutting taxes for an increasing number of taxpayers.
Who doesn’t want to save a little (or a lot of) extra money at tax time? Claiming all the deductions for which you are eligible can significantly reduce your tax bill.
So what may trigger an audit?
College is very expensive. Congress and the IRS have given us ways to offset education costs.
It’s time to dig out those receipts for last year’s charitable contributions.