Get tax breaks for energy-saving purchases this year because they may disappear 

November 20, 2024

Are you thinking about buying a new exterior door or rooftop solar panels? How about an electric vehicle? You may want to act soon because President-Elect Donald Trump has pledged to terminate a law providing valuable tax credits for these and other energy-saving purchases.

You don’t have to be in business to deduct certain vehicle expenses

November 13, 2024

When can individual taxpayers deduct vehicle-related expenses? And how much can they deduct? Here are the amounts for 2024.

The nanny tax: What household employers need to know 

November 6, 2024

In 2024, if you pay a household worker cash wages of $2,700 or more, you must withhold and pay Social Security and Medicare taxes. What will this threshold be in 2025?

Maximize your year-end giving with gifts that offer tax benefits

October 23, 2024

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications.

Is your money-losing activity a hobby or a business?

October 21, 2024

Transforming your hobby into a business can impact your taxes, especially if the activity loses money for some time. Here’s how you may be able to rightfully deduct losses.

Is your home office a tax haven? Here are the rules for deductions

September 19, 2024

Many people now work from their home offices. Some of them qualify for home office deductions, but unfortunately, many of them don’t. Here are the rules for eligibility.