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

Join Us On May 15th For A Webinar On The IC-DISC: Huge Tax Savings for Exporters!

Clarke, Snow & Riley, LLP and the U.S. Commercial Service have organized a webinar on the IC-DISC tax incentive program to be held on Thursday, May 15 at 2:00 pm EST. The IC-DISC (Interest Charge Domestic International Sales Corporation) is … 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

Your 2013 Return May Be Your Last Chance For Two Depreciation-Related Breaks

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

2013 Higher Education Breaks May Save Your Family Taxes

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

Don’t Overlook Reinvested Dividends

One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested dividends. Many mutual fund investors automatically reinvest dividends in additional shares of the fund. These reinvestments increase tax basis in … Continue reading