Don’t Overlook Your Charitable Contributions

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Article Highlights: Charitable Itemized Deductions Bunching Deductions Qualified Charitable Distributions Donor-Advised Funds Volunteer Expenses Misconceptions Household Goods and Used Clothing Documenting Charitable…
Tax Deductions Without Itemizing

Tax Deductions Without Itemizing

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Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces …
Dont Miss Out on Tax Credits

Don’t Miss Out on Tax Credits

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Article Highlights: Non-refundable vs. Refundable Credit Childcare Credit Earned Income Tax Credit Child & Dependent Tax Credit Saver’s Credit Vehicle Tax Credits Adoption Credit Residential Energy-Efficient…
How toExpense Business IT Purchases

You Can Expense Business IT Purchases

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Article Highlights: Depreciation Material & Supply Expensing De Minimis Safe Harbor Expensing Routine Maintenance Bonus Depreciation Section 179 Expensing Thanks to some very liberal tax laws written to encourage investment…
Great-News-Child-Care-Tax-Credit-Expanded-for-2021

Great News, Child Care Tax Credit Expanded for 2021

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Article Highlights: American Rescue Plan Expanded One-Year-Only Change Refundability Child Care Expenses Credit Percentage Maximum Credit Credit Phaseout Employer-Provided Dependent Care Assistance Great news if…
Tax Court Decision Holds Potential Impact for Travel Deductions

Tax Court Decision Holds Potential Impact for Travel Deductions

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  There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax…
Big Tax Break for Adoptive Parents

Big Tax Break for Adoptive Parents

If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income tax credit. The amount of the credit is based on the expenses incurred that are directly related to the adoption of a child under the age…
What Does a Tax Deduction Save You?

What Does a Tax Deduction Save You?

Taxpayers frequently ask what benefit is derived from a tax deduction.  Unfortunately, there is no straightforward answer.  The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized,…
Congress Green-Lights Some Alternative Vehicle Credits

Congress Green-Lights Some Alternative Vehicle Credits

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To encourage U.S. taxpayers to move away from gasoline-powered motor vehicles, over the years, Congress has provided various tax credits for purchasing electric or alternative fuel vehicles. These credits generally come with an expiration…
Mortgage Insurance Premium Deduction Retroactively Extended

Mortgage Insurance Premium Deduction Retroactively Extended

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On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number…