In recent years, many people have pivoted to working from home, and that brings up tax questions. If you’re on of those people, you might wonder, “Can I claim the home office deduction on my 2022 tax return?” The short answer is: only if you’re self-employed. Employees can’t currently claim home office expenses, and [...]
If you run a business, you know that you need to support expenses with detailed records. To be deductible, every expense on your tax return might have to be defended if your company is subject to an audit. Plus, failing to operate in a businesslike manner, complete with good records, might lead the IRS to [...]
Many perpetrators of investment fraud know how to push the right psychological buttons to entice their “marks” to buy worthless or nonexistent securities. You can mitigate the risks by asking a few questions, performing some research and consulting with trusted advisors. BEWARE Be alert for these common scams: Pyramid and Ponzi. The con [...]
A Health Savings Account (HAS) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis. For 2022, individuals with self-only coverage can make tax-deductible contributions to an HAS of up to $3,650 ($7,300 for family coverage). These limits are increased by $1,000 for individuals aged 55 [...]
The term “sandwich generation” was originally coined to describe baby boomers caught between caring for their aging parents and their children. These days the term applies to whichever generation is grappling with the problem. If you’re in the middle of the sandwich, it may be time for some honest discussions with the other parties about [...]
Many rules can potentially apply to the sale of business property, but what are the tax consequences? For simplicity, let’s assume that the property you want to sell is depreciable property used in your business and you’ve held it for more than a year. (Different rules apply based on property held for sale to customers, [...]