2023 Year End Tax Planning

There’s a deduction for student loan interest, and taxpayers needn’t itemize to take this write-off. Up to $2,500 of interest paid each year can be claimed as a deduction on Schedule 1 of Form 1040. For 2023, the break begins to phase out for single filers with modified adjusted gross incomes above $75,000…$155,000 for joint […]

2023 Year End Tax Planning Read More »

Fall 2023 Tax Update

Big losses claimed by real estate professionals get scrutiny. Real estate pros must spend over half of their working hours and more than 750 hours a year materially participating in realty to beat the passive-activity loss rules. Joint filers can’t combine their hours. A couple took a $24,000 loss for cabins they rehabbed for rental.

Fall 2023 Tax Update Read More »

Employee Tax Credit Scams

Learn the warning signs of Employee Retention Credit scams Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can

Employee Tax Credit Scams Read More »

December 2022 Tax Update

Itemizers have the most flexibility in shifting write-offs, as shown here. Home interest. If you pay your Jan. 2023 mortgage bill before year-end, you can deduct the interest portion on Schedule A of your 2022 income tax return. State and local taxes. If under the $10,000 cap and your locale allows it, pay the property

December 2022 Tax Update Read More »

Fall 2022 Tax Newsletter

Some popular tax provisions are expiring at year-end. Unless Congress acts to extend the breaks for another year or so, the last time you can take them is on your 2022 business or individual tax return that you will file next year. Among the expiring extenders: The ability of businesses to write off 100% of

Fall 2022 Tax Newsletter Read More »