6 Cool Ways to Save Taxes during the Hot Summer Months 05-28-2018

Before you settle into the lazy days of summer, it may be a good idea to meet with your tax advisor to brainstorm ways to cut your taxes. The tax rules underwent a major overhaul last winter. Here are some ideas for individuals and small business owners to consider in the coming months. Continue reading

Save or Shred? Follow These Recordkeeping Guidelines 04-16-2018

When tax season ends, many individuals and businesses are unsure which records they should retain and which ones can be thrown in the shredder. Here are some best practices to prevent your paper and digital records from mounting up, while retaining them long enough to prove your tax return information in the event of an audit or to file an amended return if you overlook tax breaks. Continue reading

Are Roth IRAs Still Beneficial under the New Tax Law? 03-12-2018

Roth IRAs can be a smart way for you to save for retirement. And temporary tax rate cuts for 2018 through 2025 under the new tax law could persuade some people to convert traditional IRAs into Roth IRAs sooner rather than later. But the new law also contains a potential pitfall if an account's value unexpectedly falls after it's converted. Here's what you need to know before jumping headfirst into a Roth IRA or a Roth conversion. Continue reading

Close-Up on Mortgage Interest Deduction Rules 02-19-2018

Unfortunately, the new tax law places new limits on home mortgage interest deductions for the 2018 through 2025 tax years. But the changes only affect homeowners with larger first mortgages and those with home equity debt. Are you in danger of losing some of your home mortgage interest deduction under the new law? Read this article to find the answer. Continue reading

Dialing in on Smartphones for Kids 12-11-2017

What's the "right" age for buying a child his or her first smartphone? These devices can be a major financial investment, so it's important to do your homework. But there are other nonfinancial challenges that need to be factored into this purchase, such as maturity issues, social media concerns, and the risks of cyberbullying and identity theft. Continue reading

Bad Debt Losses: Can You Deduct Loans Gone Bad? 12-04-2017

Attempts by individual taxpayers to claim write-offs for bad debt losses have led to countless deficiency notices from the IRS. This article briefly explains the tax issues related to bad debt loss deductions and summarizes a recent U.S. Tax Court decision that allowed favorable business bad debt treatment for uncollectible loans. Continue reading

IRS Increases Annual Gift Tax Exclusion for 2018 11-27-2017

Are you feeling generous this holiday season? If so, there's good news: There's still time to make gifts to family members for 2017. Plus, the annual gift tax exclusion has been increased by $1,000 for 2018. Here's how annual gift-giving can add up to major tax savings for your family along with information on how the gift tax works and how recent tax reform proposals could affect your gift and estate plans. Continue reading