As we approach the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2021 is $15,000. […]
Tag Archives | tax deductions
You can only claim a casualty loss tax deduction in certain situations
In recent weeks, some Americans have been victimized by severe storms, flooding, wildfires and other disasters. Unexpected disasters may cause damage to your home or personal property. The rules for deducting personal casualty losses on a tax return have changed through 2025. Specifically, taxpayers generally can’t deduct losses unless an event qualifies as a federally […]
Your Home Office Expenses May Be Tax Deductible
Technology has made it easier to work from home. However, just because you have a home office doesn’t mean you can deduct expenses associated with it on your tax return. In order to be deductible, you must be self-employed and the space must be used regularly and exclusively for business purposes
Donating your vehicle to charity may not be a taxwise decision
Let’s say you’re buying a new car and want to get rid of your old one. You’ve heard ads claiming you can get a tax deduction for donating a car to charity. But this may not result in a big deduction — or any at all. It depends on whether you itemize and what the […]
Act soon to save 2018 taxes on your investments
Do you have investments outside of tax-advantaged retirement plans? You may still have time to shrink your 2018 tax bill by selling some of them. If you’ve sold investments at a gain this year, consider selling some at a loss to absorb the gains. But if you’ve sold investments at a loss, consider selling some […]
Year-end tax and financial to-do list for individuals
With 2019 arriving here soon, there are several tax and financial to-dos you should address before 2018 ends. For example: Incur qualifying health care Flexible Spending Account expenses by Dec. 31 to use up these funds or you’ll potentially lose them. Also, max out contributions to retirement plans. Or, if applicable, take required minimum distributions […]
Deductibility of year-end charitable gifts
With tax law changes going into effect in 2018 and many rules applying to the charitable deduction, it’s a good idea to check deductibility before making year-end donations. First, total up your potential itemized deductions for the year, including the donations you’re considering. The total must exceed your standard deduction (which has been nearly doubled […]
Donate appreciated stock for twice the tax benefits
Did you know that you may be able to enjoy two tax benefits if you donate long-term appreciated stock instead of cash? First, if you itemize, you can claim a charitable deduction equal to the stock’s fair market value. Second, you can avoid the capital gains tax you’d pay if you sold the stock. But […]
The tax deduction ins and outs of donating artwork to charity
Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.
