Deductions for Non-Itemizers

Deductions for Non-Itemizers

Can’t itemize? There are still tax breaks for you. A common misconception in tax filing has been that if you use the standard deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the...
Deductions for Non-Itemizers

Deductions for Non-Itemizers

Can’t itemize? There are still tax breaks for you. A common misconception in tax filing has been that if you use the standard deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the...
The Taxability of Prizes

The Taxability of Prizes

What everyone should know When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes and taxes Prizes...
Understanding Tax Terms: Basis

Understanding Tax Terms: Basis

Covering the bases on basis Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis...
Save Those Receipts!

Save Those Receipts!

These tips are money in your pocket When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here are some typical areas where taxpayers often fall short, costing them plenty during tax filing...