Head of Household Filing Status

By |2012-07-02T09:30:36-04:00July 23rd, 2012|Taxation|

Failure to use head of household (HOH) filing status is a common tax filing mistake.  HOH status is preferable to single or married filing separately status because the tax rate brackets are more favorable (except 35% single bracket) and the standard deduction is larger. If you are not eligible to file jointly or as a [...]

Charitable Donations of Publicly Traded Securities

By |2022-08-18T08:47:07-04:00July 16th, 2012|Taxation|

Taxpayers with appreciated securities positions may be able to save on federal taxes by donating the actual securities (e.g., stocks) held more than one year (long-term gain securities) to a qualified charity rather than selling the securities and donating the cash proceed.  That’s because a sale of those securities is a taxable transaction that results [...]

Taxable or Nontaxable Income?

By |2022-08-18T08:47:08-04:00July 9th, 2012|Taxation|

Most of the income we receive is taxable, but certain types of income are only partially taxed or not taxed at all.  The following are some of the more common types of income that individuals receive and an indication of how they are treated for federal income tax  purposes. Adoption Expense Reimbursements:  Taxpayers adopting a [...]

Selecting a C Corporation’s Tax Year

By |2022-08-18T08:47:08-04:00July 2nd, 2012|Taxation|

Businesses that operate as C corporations have substantial flexibility when selecting a tax year.  However, businesses that operate as partnerships or S corporations are restricted by law in their choice of a tax year.  Once selected, a tax year generally must be maintained until the business is required or elects (with the IRS permission, if [...]

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