IRS Warnings Regarding Health and Wellness Deductions According to the IRS, personal expenses related to health and wellness are not viewed as medical expenses. Similarly, if you have a health flexible spending account or reimbursement arrangements for wellness purchases,...
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Disaster and Taxes: Understanding Casualty Loss Marshall, North Carolina, a town of about 800 people, was more or less wiped off the map on Sept. 27, 2024, by Hurricane Helene. Residents said they had never seen the river rise...
Using the Section 179 Deduction Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and...
Estate Planning With Blended Families A blended family often brings joy — there are more people to love and be loved by. As your family expands, you will want to provide for each child, whether from the previous or...
The Section 199A Deduction Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a...
All About Schedule D: Capital Gains Schedule D is the IRS tax form that reports your realized gains and losses from capital assets — investments and other business interests. You detail the total purchase price of assets, what they...
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Preparing for the 2024 Tax Season
Preparing for the 2024 Tax Season There are many tax uncertainties to consider as we face the end of 2024. Chief among them is whether proposals from the presidential candidates will affect our taxes; new legislation may be enacted...
Important Tax Tips for 2024 The U.S. tax code is complicated and often hard to understand, with many provisions, credits and disallowances. Let’s review a few credits that many people are interested in, as well as how to respond...
Common Living Trust Problems Most living trusts (also known as revocable or grantor trusts) have two administrative phases. In the first phase, you administer the trust. In the second phase, after your death, the named trustee takes over its...
The Latest on Digital Asset Reporting Digital assets are a form of value, like cash, but they exist only in digital form and are protected by strong cryptography. These assets often operate on a blockchain, distributed ledger or any...