Category: Tax Questions & Answers

Remodeling Tax Benefits – Does Your Project Qualify?

Spring fever often influences homeowners to update and remodel. Maybe you’re considering a new project, too. You may need to replace your deck or remodel your kitchen. If you have a project coming up, you should understand the remodeling tax

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Wedding plans should include some tax planning

Ask the typical summer bride and groom what’s included in the wedding plans, and they probably won’t mention a thorough tax review. Yet, the tax and financial aspects of getting married are not to be taken lightly. Consider the following

Posted in Tax Planning, Tax Questions & Answers, Tax saving tips

Check your tax situation before year-end

December 31, 2012, will be a very important date in the lives of taxpayers, because that is the date that many tax–saving provisions are set to expire. Congress has extended many of these provisions on a year–by–year basis. However, as it stands now, many tax–cutting provisions have already expired or will expire.

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The annual gift tax exclusion – use it or lose it!

Did you know that this year you can give gifts of up to $13,000 to as many individuals as you want without being liable for gift tax? Normally, any gift you make counts towards

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Quick Quiz: Taxable income or nontaxable?

You only have to examine your paycheck to realize certain income is tax–free. For example, health insurance premiums paid by your employer are generally not includible in your income.

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Are unemployment benefits taxable?

Unemployment compensation can provide a welcome buffer while you're transitioning to a new job. But with the help comes a tax effect, because the benefits provided under federal or state laws are usually includable in your income in the year you receive them.

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A critical business question: Should you incorporate or not?

One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is

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Gambling winnings and losses can affect your tax bill

From time to time, some of you are lucky enough to win a shilling or two at your local casino, the track, or your state lottery. How will that gambling income impact your taxes? …

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Taxes & summer jobs

Is your child looking for a job this summer? If so, you both may have questions about taxes. Here are three common concerns…

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