Author Archive | James B. Reynolds

The 2022 gift tax return deadline is coming up soon

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a gift tax return by April 18 (Oct. 16 if you file for an extension). The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for […]

Continue Reading 0

Claiming losses on depreciated or worthless stock

Have you bought stock that later became worthless? At least you can claim a deduction on your tax return. You can claim a capital loss equal to your basis in the stock, which is generally what you paid for it. The stock is treated as if it was sold on the last day of the […]

Continue Reading 0

Child Tax Credit The rules keep changing but it’s still valuable

Over the years, the Child Tax Credit (CTC) rules have changed significantly. For 2022 and 2023, the CTC applies to taxpayers with children under the age of 17 (who meet certain other requirements). The CTC is currently $2,000 for each qualifying child. A $500 credit for other dependents is available for dependents other than qualifying […]

Continue Reading 0

Answers to your questions about 2023 limits on individual taxes

Many people are more concerned about their 2022 tax bills than they are about their 2023 tax situations. That’s because 2022 individual tax returns are due to be filed in 10 weeks. However, it’s a good time to acquaint yourself with tax amounts for this year, many of which have increased substantially due to inflation. […]

Continue Reading 0