Claiming a theft loss deduction if your business is the victim of embezzlement
September 9, 2021
If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for the loss. But there are requirements that must be followed as one U.S. Tax Court decision illustrates.
Planning for year-end gifts with the gift tax annual exclusion
September 8, 2021
There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.
You can only claim a casualty loss tax deduction in certain situations
September 1, 2021
The rules for deducting personal casualty losses on a tax return have changed through 2025. However, you may still be able to claim a deduction if an event qualifies as a federally declared disaster (and several have this summer).
