Investing in real estate is widely recognized as one of the most effective strategies for building long-term wealth. It provides a tangible asset that not only serves as a portfolio diversifier but also tends to move independently of the volatility in the stock and bond markets. However, for many investors, the idea of purchasing and…
Read MoreThe short answer is no. Donations made to political organizations or political candidates are not tax-deductible. The IRS makes clear that expenditures for lobbying and political expenditures incurred with “influencing legislations, participating or intervening in any political campaign on behalf of (or in opposition to) any candidate for public office, attempting to influence the general public…
Read MoreThe US Department of the Treasury and the IRS have issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These digital asset transactions are already subject to tax. These final regulations, that implement reporting requirements of the Infrastructure Investment and Jobs Act enacted in 2021, require brokers to…
Read MoreWhen starting a family, you might be interested to know that you’re now eligible to claim new credits and deductions, which ultimately lessens the total value of your tax liability. You can start by utilizing the official IRS Withholding Estimator to check your withholding. This will allow you to update your Form W-4, which is…
Read MoreNow that tax season is drawing to a close, it may feel like a good time to declutter the accumulated piles of paperwork. But there are some recommended guidelines to be aware of before you discard any official documents. The following article outlines what you need to know about retaining tax records, important property documents,…
Read MoreYou may be in for a tax break if you’ve been shelling out the bucks for day care. Among the tax credits and deductions available to parents and families, one of the most overlooked and beneficial is the childcare tax credit, formally known as the Child and Dependent Care Expenses Tax Credit and claimed with…
Read MoreBelow are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2 percent for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4 percent on the first $168,600. Medicare…
Read MoreAs each calendar year draws to a close, many businesses have to think about their tax filing responsibilities. It can be confusing to figure out which forms to send out, especially as the IRS made some changes to its venerable Form 1099-MISC, Miscellaneous Information, a few years ago and assigned some of its former responsibilities…
Read MoreAccording to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile driven for business use, up 1.5 cents from 2023. 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the…
Read MoreThe 2023 Arizona Tax Credit programs for individuals allow you to make a positive charitable impact while receiving a credit that reduces your Arizona income tax liability dollar for dollar. Many people like the tax credit because it allows them to keep their tax dollars in the local community. Below are some of the most…
Read More