What tax records can you throw away? The general rules At minimum, you should keep tax records for as long as the IRS has the ability to audit your tax return or assess additional taxes, which generally is three years…
Tag: Individual Tax
There may be relief from tax liability for “innocent spouses”
There may be relief from tax liability for “innocent spouses” If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be…
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Can investors who manage their own portfolios deduct related expenses?
Can investors who manage their own portfolios deduct related expenses? In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs…
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Divorcing couples should understand these 4 tax issues
Divorcing couples should understand these 4 tax issues When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing…
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If you run a business from home, you could qualify for home office deductions
If you run a business from home, you could qualify for home office deductions If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses…
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2020 COVID relief bill provisions affecting individual taxpayers
12/30/2020 2020 COVID relief bill provisions affecting individual taxpayers Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and…
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Frequently asked tax questions related to COVID-19
Frequently asked tax questions related to COVID-19 The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct…
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COVID-19: Key individual tax provisions
COVID-19: Key individual tax provisions We know your highest priority is your health and that of those you love. If you have time to read about some non-medical but important matters related to the health crisis, here is a summary…
There still might be time to cut your tax bill with IRAs
There still might be time to cut your tax bill with IRAs If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it.…
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Tax credits may help with the high cost of raising children
Tax credits may help with the high cost of raising children If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax…
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