Taxpayers are always responsible for the information reported on their tax returns. Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true.
Deducting Casualty Losses on a Tax Return
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding.
Avoid a Tax Surprise: Check Your Withholding
While tax season may seem far away, the reality is that there are only two months left in the year. Now is the perfect time to review withholding and estimated tax payments to avoid a surprise tax bill next year.
Tax Deductions for Homeowners
For many people buying a home – whether it’s a fixer-upper in an up-and-coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some perks – at least when it comes to taxes.
Use These Strategies To Pass on Wealth to Heirs
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low-interest rates and a volatile stock market. Let’s take a look at some of them:
Lending Money to a Friend? It Pays To Plan Ahead
Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.
Early Withdrawals from Retirement Plans
Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know about early withdrawals from retirement plans:
Key Tax Provisions of the Inflation Reduction Act of 2022
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look:
Extension Deadline Looming for 2021 Tax Returns
Time is running short for taxpayers who requested an extra six months to file their 2021 tax return. As a reminder, Monday, October 17, 2022, is the extension deadline for most taxpayers. Taxpayers are encouraged to file a complete and accurate return electronically as early as possible once they have gathered all their information. There’s no need to wait until the October deadline.
Avoiding Tax Surprises When Retiring Overseas
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal.