When It Comes To Taxes, Not All Income Investments Are Treated The Same

The tax treatment of investment income varies, and not just based on whether the income is in the form of dividends or interest. Qualified dividends are taxed at the favorable long-term capital gains tax rate (generally 15% or 20%) rather … Continue reading

Tax Impact Of The Supreme Court’s Same-Sex Marriage Decision

On June 26, the U.S. Supreme Court ruled that same-sex couples have a constitutional right to marry, making same-sex marriage legal in all 50 states. For federal tax purposes, same-sex married couples were already considered married, under the Court’s 2013 … Continue reading

IRS Issues New Tangible Property Regulations

In a major departure from its previous rules, the IRS has issued new Tangible Property Regulations (TPRs), which explain when you can deduct amounts paid to acquire, produce, or improve tangible and real property and when those amounts must be … Continue reading

Review Gains And Losses Now To See If Action By December 31 Can Save 2014 Taxes

Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by … Continue reading

If You’ve Put Your Home On The Market, You Need To Know The Tax Consequences Of A Sale

Summer is a common time to put a home on the market. If you’re among those who are following this trend, it’s important to be aware of the tax consequences. If you’re selling your principal residence, you can exclude up … Continue reading

3 Tax Traps When Donating Real Estate To Charity

If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of: If you donate real estate to a public charity, you generally can deduct the property’s fair market value. But if … Continue reading

Making The Most Of Your Business’s NOL

If during 2013 income tax return filing you found that your business had a net operating loss (NOL) for the year, the news isn’t all bad. While no one enjoys being unprofitable, an NOL does have an upside: tax benefits. … Continue reading

Don’t Inadvertently Miss Filing Deadlines

If you still file a paper return, it’s important to know the IRS’s “timely mailed = timely filed” rule: If your tax return is due April 15, it’s considered timely filed if it’s postmarked by midnight on April 15. But … Continue reading

Can I Claim My Elderly Parent As A Dependent?

For you to deduct up to $3,900 on your 2013 tax return under the adult-dependent exemption, in most cases the parent must have less gross income for the tax year than the exemption amount. Generally Social Security is excluded, but … Continue reading

It’s Not Too Late To Make A 2013 Contribution To An IRA

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future … Continue reading