This is the time of year to think about “harvesting” (or selling) depreciated stocks to offset any stock gains and possibly reduce your 2017 tax bill. Just keep in mind that:
Are you one of the 63 million American adults who volunteers for charity? Although there’s no tax deduction for the value of your time, you may be able to deduct unreimbursed costs related to:
The recent Equifax hack serves as a pointed reminder: Your financial information can easily fall into the wrong hands, Cyber criminals and old-school pickpockets alike may rack up thousands of dollars on your credit and debit card accounts. If this happens, how liable are you?
You walk the straight and narrow, follow the law, file your taxes. But maybe you know of someone who doesn’t…
The IRS wants to hear from you – and will pay for concrete information leading to the collection of unpaid taxes. Whistleblower awards typically range between 15% and 30% of the outstanding taxes, penalties and interest collected.
Looking for ways to minimize your company’s 2017 tax bill? Consider the domestic production activities deduction (DPAD). Often referred to as “manufacturer’s deduction,” the DPAD can also be claimed by many construction engineering, oil and mining, software and other business.
Traditionally pensions may seem like relics from the past. But although few employers now offer these defined-benefit retirement plans to new hires, plenty of workers and retirees still count on them for retirement income.
Just look at this numbers.
Lower Manhattan, 1920. A rowdy crowd congregates where Broad Street meets Morris. One well-dressed gentlemen shouts orders to an office worker three stores above. A sketchier character talks up a Colorado gold mine to anyone who will listen. Some jokester hawks shares in cocker spaniel puppy – 10 cents apierce – while an apple-seller haggles with hungry customers.
Survivors of Hurricanes Harvey, Irma and Maria ara tattered, but they’re also tough – and ready to rebuild. If you were affected by the storms (or another natural disaster), the casualty loss deduction can help. This tax break enables you to deduct the cost of damage to your home or personal property on your 2017 federal return.
This article was sponsored by Tax1099.com. The fastest way to e-file 1099s. For more information about Tax1099’s services or the requirements for tax information returns check out their website and Knowledge Base.
How much do you know about penalties for 1099 forms? Test your knowledge on these true and false questions. If you’re not in the mood, don’t worry – the answer key is just below.
Last month, a Massachussetts woman won the largest undivided Powerball jackpot. After she opted for a lump-sum payment, her prize of nearly $759 million shrunk to $480 million. But federal and state withholding took their toll as well – reducing her take-home amount to $336 million. She can expect to pay even more when she files her tax return.