Tax Tips May 2022

Donor-Advised Funds: A Tax Planning Tool for Church and Charity Donations   Do you give money to 501(c)(3) charities?   Do you get a tax benefit from those donations?   Recent changes in the tax code have done much to destroy your benefits from church and other tax-deductible 501(c)(3) donations. But there’s a way to donate the way you want, get revenge on the tax code, and realize the tax benefits you deserve.   This … Continue reading “Tax Tips May 2022”

Tax Tips April 2022

Health Savings Accounts: The Ultimate Retirement Account   It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement.   You may need more.   The time to save for these expenses … Continue reading “Tax Tips April 2022”

Tax Tips March 2022

IRAs for Kids   Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition, because it’s a really good idea.   Here’s what you need to know about IRAs for kids. Let’s start with the Roth IRA option.   Roth IRA Contribution Basics   The only federal-income-tax-law requirement for a child to … Continue reading “Tax Tips March 2022”

Tax Tips February 2022

Make Sure You Grab Your Home Internet Deduction   If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe.   The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership).   Deduction on Schedule C   If you operate your business as a sole proprietorship or as a single-member LLC, you file a Schedule C to report your business income … Continue reading “Tax Tips February 2022”

Tax Tips January 2022

January 2022   Is Your Sideline Activity a Business or a Hobby?   Do you have a sideline activity that you think of as a business?   From this sideline activity, are you claiming tax losses on your Form 1040? Will the IRS consider your sideline a business and allow your loss deductions?   The IRS likes to claim that money-losing sideline activities are hobbies rather than businesses. The federal income tax rules for hobbies … Continue reading “Tax Tips January 2022”

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