Charitable contribution deductions are a type of tax deduction that allows individuals and businesses to deduct the amount of money they donate to a qualified charitable organization....
Posted by Pat Raskob on 02/17/2023
Rules change with time, and the required minimum distributions (RMDs) rules have changed. RMDs are retirement accounts, i.e., traditional IRAs and 401(k) plans). The new government...
Posted by Rosovich & Associates, Inc. on 02/07/2023
A trust is a lawful entity that holds assets and money for future distribution or administration. For example, you can create trust for your children's college education by setting...
Posted by Rosovich & Associates, Inc. on 01/26/2023
Paying tax is not a feeling any taxpayer likes. Having your income after working for a month or having a personal savings slash is no joke. The anger has pushed most taxpayers into...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/08/2022
It may come as a surprise that awards and prizes are taxable. The prize is filed under income tax if a taxpayer receives an award from a competition. This is because the market value...
Posted by Pat Raskob on 11/30/2022
Tax preparers prepare more than 85 million tax returns, as observed by the Internal Revenue Service (IRS). However, those who boldly go DIY on their taxes should remember to keep a...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/10/2022
A tax deduction is a legal method of reducing your taxes without being penalized. There is a wide margin between a deduction and credit, and the value is not the same, making it look...
Posted by Taxes Made EZ Inc on 11/10/2022
Tax exemption has risen to over $5 million in the past years. The rise has reduced the need for life insurance for families struggling to pay estate taxes. But you can still enjoy...
Posted by Rosovich & Associates, Inc. on 09/18/2022
It is all about making headlines and advertisements to gain speed for a candidate or campaign team during election seasons. Politicians dedicate the money, effort, and time to a campaign....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 08/11/2022