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 →

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 →

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 →

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 →

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 →

If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional first-year depreciation allowance is, generally, 50%. Among the assets that … Continue reading →

Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: The American Opportunity credit — up to $2,500 per year … Continue reading →