Deducting your charitable contribution is tricky because of the changing laws in 2022 and 2023. The law allows taxpayers to deduct their generous contributions without going through...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 04/21/2023
The federal gift tax is intended to prevent taxpayers from disposing of their assets tax-free during their lifetime, which would prevent their assets from being subject to tax on death....
Posted by KLSM CPA Firm PLLC on 04/30/2022
It is no longer possible for the 2018-2025 fiscal years to claim accidental loss and personal property theft as itemized deductions unless your claim is declared as a federally declared...
Posted by Rosovich & Associates, Inc. on 02/05/2021
Your basis in a business asset is essentially the cost of that asset. The term applies to all types of assets held by your business, including real estate, land, equipment, and investments...
Posted by Taxes Made EZ Inc on 01/01/2021
Forgiveness of debts, also known as debt cancellation, is a relief to anyone who has been in debt. But what happens afterward with the taxes? When your debt is canceled or forgiven,...
Posted by CORE PERFORMANCE on 07/31/2021
The tax basis for your estate is what you paid for the property and all of its improvements and is generally different from the estate's purchase price. Often, the tax basis of...
Posted by Carmen Garcia on 06/18/2021
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
Posted by Elliot Kravitz, ATP on 03/17/2021
State laws generally govern the gaming industry. These laws can be very or less strict, depending on how the state views the industry, and most laws are aimed at promoting responsible...
Posted by Flynn Financial Group Inc on 03/05/2021
If a creditor acquires your property through foreclosure and evicts you, or if you surrender your property before the eviction, the lender will send you an IRS Form 1099-A Acquisition...
Posted by Tucker Accounting Services LLC on 03/05/2021
