Below you'll find a list of all posts that have been categorized as “Updates”
What is gift tax, and how does it work? Are there tax consequences from receiving a gift? Recipients of gifts are not taxed. However, there are rare situations where the person giving the gift may be taxed. Taxpayers are given a gift tax exclusion of $15,000 per person per year. There is no limit on the number of individuals you …
No one wants to pay more taxes than what is required by law. There is one piece of advice that can apply to most working taxpayers, is to increase pre-tax retirement contributions. Increasing contributions to a pre-tax 401K, simple IRA, or traditional IRA reduces the income that is subject to federal and state income tax. The maximum employee contribution for …
Depreciation is a non-cash expense that reduces the value of an asset. A fixed asset, also known as a capital asset, is a large cost item such as a vehicle, real estate, equipment, or office furniture. As a result of wear and tear, the asset loses value over the period of its useful life. If an asset does not lose …
At the end of January and the beginning of February your mailbox will soon be inundated with envelopes containing tax documents. With the tax code so complicated, which forms are important? To keep it simple, anything that says “Tax Form” or “For Tax Purposes” should all be retained. It is best to have too much information than to destroy a …
