Taxpayers may want to reduce their taxable estates by making completed gifts during their lifetimes. To be complete, a donor must intend to make the gift and it must be irrevocable (that is, the donor has given up control). A check is revocable until it’s deposited or cashed. In one case, a decedent’s son had […]

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Let Mattel You about Barbie’s Taxes https://bit.ly/44rvHY5

Read More Let Mattel You about Barbie’s Taxes

Business owners can deduct ordinary and necessary expenses on their tax returns in the year the costs were incurred, if the costs are substantiated. The U.S. Tax Court ruled that a married couple who reported no income for a new business wasn’t allowed to deduct most costs. They spent money on supplies and materials that […]

Read More What is an ordinary and necessary expense?

The IRS is reminding residents and businesses in parts of four states that their extended 2022 tax filing due date is coming up fast on July 31, 2023. Taxpayers in certain counties in Arkansas, Indiana, Mississippi and Tennessee were granted extensions (see eligibility, https://bit.ly/3rundkh  ) following severe spring storms. Among other things, this due date […]

Read More Filing Date Coming for Spring Storm relief states

The war against inflation is a long way away from being won – CNBC https://bit.ly/3OitxUS 

Read More The war against inflation is a long way away from being won

Summer isn’t tax season (thank goodness!), but common summer activities can have tax implications. For example, if you’re getting married, you should notify the IRS and Social Security Administration about any name or address changes. Sending kids to camp? Depending on various factors, camp expenses could qualify for the Child and Dependent Care Credit. If […]

Read More Summer activities can impact your taxes