Itemized Deductions from A to Z, Part 11: Some Rules Regarding Casualty and Theft Losses
This is part eleven in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Thankfully, we don’t see a lot of casualty and theft losses. For a casualty…
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Itemized Deductions from A to Z, Part 10: Charitable Limitations and Carryovers
This is part ten in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Your adjusted gross income (last line on page 1 of Form 1040) serves as…
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Happy Holidays!
Tax Extenders Law Passes…Finally!
After a long wait, Congress has finally passed a law that extends many popular tax provisions into 2014. These provisions, commonly known as “extenders”, have been hanging in limbo since they expired at the end of last year. The President still needs to sign the bill, but we expect that to happen any day now….
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Itemized Deductions from A to Z, Part 9: Motorized Donations
This is part nine in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Donating a car, boat or airplane can be complicated, depending upon the value and…
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Itemized Deductions from A to Z, Part 8: More on Charitable Giving – Noncash Gifts
This is part eight in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Noncash gifts are a mixed bag and have a lot of special circumstances. Let’s…
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Itemized Deductions from A to Z, Part 7: Charitable Contributions in Cash
This is part seven in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Cash contributions are relatively straightforward—you donate $100 to a qualifying charity (no benefit provided…
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Itemized Deductions from A to Z, Part 6: Feeling Charitable and Making Contributions
This is part six in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. First, let’s look at what type of organization qualifies to receive deductible contributions. The…
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Itemized Deductions from A to Z, Part 5: Investigating Deductions and Investment Interest
This is part five in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Interest paid on debts to acquire investment assets is deductible but limited to net…
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Itemized Deductions from A to Z, Part 4: Deducting Mortgage Interest
This is part four in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Mortgage interest for up to two residences is deductible on Federal Schedule A. If…
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