Before You Give, Make Sure the Charity Is Legit

Most people who are financially able to donate like to support charitable causes they care about. But be careful! Fraud perpetrators have long taken advantage of philanthropic Americans with fake nonprofits designed to steal donations — and even identities. To protect yourself and your charitable dollars, use the IRS’s Tax Exempt Organization Search Tool (https://bit.ly/4bMpT1d). […]

Vacation Home + Charitable Giving: Know the Tax Rules

Your vacation home may open the door to charitable giving tax breaks. But following the rules can be challenging. A donation of short-term use of the property generally isn’t deductible. It could even create negative tax consequences for you, depending on how many days you rent out the home and how much you use it […]

When the sale of an appreciated home triggers taxes — and when it doesn’t

Home values have risen significantly in many areas of the country over the last several years, leaving some homeowners with substantial gains when they sell. Of course a large profit is generally a good thing. But, depending on the amount of your gain, how long you’ve owned and resided in the home, and your income […]

Rental Property Owners: Could You Qualify as a Real Estate Professional?

Do you own rental property? You may be able to avoid having your rental real estate treated as a passive activity — and the negative tax consequences that can come with that treatment — by qualifying as a real estate professional for tax purposes. To qualify, you generally must spend more than 750 hours during […]

Cryptocurrency Holders: Watch Out for a New IRS Scam

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like https://bit.ly/2qDnQsI The site may ask for personal information, cryptocurrency wallet details, […]

Self-employed? Don’t overlook a Roth IRA

Some small business owners overlook Roth IRAs because they assume their income is too high for them to qualify to make Roth contributions. Others may think their current tax rate is higher than it will be in retirement, making current tax deductions more valuable than future tax-free distributions. However, if you don’t at least consider […]

Taxpayer Relief Bill Advances in the Senate

A bipartisan tax bill that could improve tax administration and reduce burdens for taxpayers advanced out of the Senate Finance Committee on July 30. The Taxpayer Assistance and Service Act would, among other things, expand digital services, increase transparency about processing delays and wait times, add more callback options and provide additional relief for some […]

Triple Tax Benefits: Why HSAs Are Worth a Look

Do you have a health savings account (HSA)? If you’re covered by a high-deductible health plan (HDHP) or Bronze or Catastrophic plan available on state and federal insurance exchanges, you can pair it with an HSA. HSAs are funded with pretax or tax-deductible contributions, and withdrawals to pay for qualified out-of-pocket medical expenses are tax-free. […]

Rethinking payment options for your business

Cash hasn’t disappeared — but it’s no longer the preferred payment method for many customers. As electronic and digital options continue to expand, more businesses are evaluating how much they rely on physical currency. Rather than eliminating cash entirely, many are exploring a “cash-light” approach. Here’s a look at current payment trends and the practical […]

New Proposal Could Expand Savings for Foster Youth

A new bill in the U.S. House would enable philanthropic organizations and states to make unlimited contributions to Sec. 530A accounts (also known as Trump accounts) on behalf of children in foster care. Currently, most 530A accounts aren’t eligible to receive unlimited contributions. If passed and signed into law, the Foster Youth Investment Act would […]