Plus NEW mileage rates! Summer is coming to a close next month and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch for tax deductions on the supply list. Schools often send a list of requested …
Month: July 2026
Great Charitable Deduction Ideas
Even though the higher standard deduction limits make charitable deductions harder to find, there are still great options to find tax breaks within your charitable giving. Here are five tips to use charitable tax breaks: Qualified charitable distributions. If you’re age 70½ or older, you can transfer up to $100,000 (or a total of $200,000 for …
A Gift of Stock
Information is key when using this tax planning strategy You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. Value of the gift When you …
Understanding Tax Terms: Pass-through Entities
What everyone should know Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are probably considered a flow-through entity in the eyes of the IRS. …
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Toss This. Not That. 2025 Edition
Your guide to post tax-filing record retention Tax season is over and your focus is on enjoying the summer. But before you close that tax file, make a final review to ensure you records are accessible should you ever need them. This is especially important. If the IRS or state revenue department selects your return …