Jun 11, 2019 | Firm Updates, Individual Tax, Tax Tips
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s...
Mar 5, 2019 | Firm Updates, Individual Tax, Tax Tips
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. However, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven...
Oct 2, 2018 | Firm Updates, Individual Tax, Retirement Planning
If you are age 70½ or older, you can make direct contributions—up to $100,000 annually—from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act...
Aug 2, 2018 | Firm Updates, Tax Tips
In the days leading up to the passing of the Tax Cuts and Jobs Act (TCJA), we saw a lot of headlines indicating the simplification this bill would bring. As clarification is still needed on some elements of the new tax law, time will tell how the tax filing process...
Jan 30, 2018 | Firm Updates, Individual Tax, Tax Tips
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home...