Eldercare Can Be a Medical Deduction

Eldercare Can Be a Medical Deduction

Because people are living longer now than ever before, many individuals are serving as care providers for elderly loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated...
Don’t try this at home

Don’t try this at home

As printed by Journal of Accountancy A taxpayer’s physical possession of gold coins purchased with her individual retirement account (IRA) caused her to have taxable distributions from the IRA, the Tax Court held. Facts: In 2015, Donna McNulty purchased IRA...
How married couples can use trusts in estate planning

How married couples can use trusts in estate planning

As printed by Journal of Accountancy This article discusses some strategies that married taxpayers can use to manage their estate tax liability by creating certain types of trusts. During the past 10 years, the federal estate tax has not been a major concern for most...
7 tax changes you need to know before filing for 2021

7 tax changes you need to know before filing for 2021

The 2020 tax year was wild. Pandemic relief bills brought a slew of changes, and filing for the 2021 tax year doesn’t look like it’s going to be much easier. Some temporary tax provisions for the 2020 tax year were extended through 2021, while others were not. Then...
Important Tax Filing Deadlines in 2019

Important Tax Filing Deadlines in 2019

At some point every year, Americans begin scrambling as they try to figure out what forms they must file and when they must file them in the new tax season. This year is no different. Below is a list of the important tax filing deadlines in 2019 that you need to know....
‘Tis the season of giving

‘Tis the season of giving

For many people, the holidays are a time for giving back — whether that means donating to a favorite charity or helping out a family member financially. Before you make a donation or gift during this season of giving, however, it’s important to choose the right...