Do You Need To File An FBAR?
So you included Form 8938, Statement of Specified Foreign Financial Assets, with your 2013 federal income tax return to report your interests in certain foreign financial accounts. Do you also need to […]
Your 2013 Tax Return Is Filed…What Tax Records Can You Toss?
The short answer is: none. You need to hold on to all of your 2013 tax records for now. But this is a great time to take a look at […]
Two Options For The Home Office Deduction
When you’re traveling, a shortcut can be a time-saver, but taking it instead of the main route could cost you in other ways. The same is true in tax law, […]
It’s Not Too Late To Make A 2013 Contribution To An IRA
Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit […]
Some Taxes Are Deductible On Your Income Tax Return
Are you planning to itemize on your 2013 federal income tax return? If so, it’s likely you’ll claim a deduction for taxes paid. According to IRS statistics, taxes are the […]
2013 Return May Be Last Chance For 2 Depreciation-Related Breaks
If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional […]
Get The Most From 2013 Depreciation Rules
While the depreciation methods you use for business tax deductions have changed over time, the basic underlying idea remains the same: tangible assets generally have a limited lifespan, and the […]
A Tax-Smart Strategy For Your Investments
One of the most common mistakes investors make is forgetting to increase their basis in mutual funds to reflect reinvested dividends. Many mutual fund investors automatically reinvest dividends in additional […]
Nanny Tax Rules Might Affect You
The household employee tax — which you may know as the “nanny tax” — hasn’t made the headlines lately. But the filing requirements still exist, and they may apply to […]
Could Deducting State And Local Sales Taxes Save You More?
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. Although this […]