Selling business vehicles can save tax

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be...

Contribute more to your 401(k) in 2015

Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to...

Do you need to worry about estate taxes?

Here’s a simplified way to project your estate tax exposure. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death. Then, if you’re married and your spouse is a U.S. citizen, subtract any assets you’ll pass...

IRS Direct Pay – Payment Made Simple

The IRS recently announced the start of IRS Direct Pay, its new web-based system. More than 150,000 taxpayers have paid more than $340 million in taxes through the new IRS Direct Pay system on IRS.gov. The system allows taxpayers to pay their tax bills or make...