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Year-End Retirement Tax Planning

One reliable way to reduce the impact of higher tax rates, surtaxes, phaseouts and so on is to make tax deductible contributions to retirement plans. In 2014, the maximum salary (and tax) deferral for 401(k) and similar plans is $17,500, or $23,000 if you are 50 or older. If you are not maximizing such contributions… Read more Year-End Retirement Tax Planning

A Tale of Two Couples

As always, savvy planning in the last quarter of the year can pay off in lower taxes next year when you file your return. Some tax planning is fundamental: most people will benefit by accelerating tax deductions into 2014, while deferring income into 2015. Yet, there is now a distinct divide between taxpayers reporting high income… Read more A Tale of Two Couples

Tax-Free Income From Renting Your Home

Tax-Free Income From Renting Your Home From Canton, Ohio, where the Pro Football Hall of Fame Weekend takes place in August, to Los Angeles, which has Haunted Hayrides to celebrate Halloween throughout October, cities small and large host special events throughout the year. Moreover, oceanfront communities attract millions of tourists in the summer while mountain regions offer winter sports each winter. What is the common denominator?… Read more Tax-Free Income From Renting Your Home

Deductions for Dining Out

Deductions for Dining Out Champagne and caviar on the IRS? Typically, the answer is no. Nevertheless, there are times when you can go out to eat—perhaps to the best restaurant in town—and recoup some of your costs through tax savings. Business as usual  Perhaps the most obvious way to deduct dining costs is to buy a meal for someone with whom you do business… Read more Deductions for Dining Out

Be Sure About Rental Car Insurance

This summer, whether you’re driving for business or pleasure, you may want to rent a car. If so, you’ll likely be driving an unfamiliar vehicle on unknown roads. What’s more, you’ll encounter other (perhaps many other) motorists in similar circumstances. You can’t overlook the chance you’ll be involved in an accident. Obviously, your first priority is to avoid injuring yourself, your passengers, and any others.… Read more Be Sure About Rental Car Insurance