2019 Last-Minute Vehicle Purchases To Save on Taxes
2019 Last-Minute Vehicle Purchases To Save on Taxes Here’s an easy question: Do you need more 2019 tax deductions? If yes, continue on. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement vehicle), but you need to [...]
2019 Last Minute Tax Planning for Your Family
2019 Last Minute Tax Planning for Your Family If you are thinking of getting married or divorced, you need to consider December 31, 2019, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning [...]
Make the RMD From Your Traditional IRA Tax-Free
Make the RMD From Your Traditional IRA Tax-Free Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the RMD tax bite, possibly reduce your Medicare premiums [...]
Can You Deduct Assisted Living Expenses?
Can You Deduct Assisted Living Expenses? Watch your wallet: the median cost in 2018 for an assisted living facility was $48,000 and over $100,000 for nursing home care. If you could deduct these expenses, you’d substantially reduce your income tax liability—possibility down to $0—and dramatically reduce your financial burden from these costs. As you might expect, the rules are complicated [...]
Is Your Trip a Deductible Business Expense?
Is Your Trip a Deductible Business Expense? To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you need to meet with is going to be in L.A. when you are. You arrange a dinner on [...]
New Audit Procedure for Partnership
New Audit Procedure For Partnership Congress changed the IRS procedures for auditing partnerships, and they apply beginning with your 2018 partnership tax return. Under the new rules, an audit can lead to a partnership-level tax at a 37 percent rate. Old versus New: Big Picture Under the old procedures, if the IRS adjusted your partnership return, you then amended your [...]