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UNDERSTAND THE $7,500 ELECTRIC VEHICLE TAX CREDIT
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the electric vehicle share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible
CERTAIN CHARITABLE DONATIONS ALLOW YOU TO AVOID TAXABLE IRA WITHDRAWALS
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a
INFLATION ENHANCES THE 2025 AMOUNTS FOR HEALTH SAVINGS ACCOUNTS
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSA). These amounts are adjusted each year, based on inflation. The
SOCIAL SECURITY TAX UPDATE: HOW HIGH CAN IT GO?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand
THE TAX CONSEQUENCES OF SELLING MUTUAL FUNDS
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According
YOU MAY BE ENTITLED TO TAX BREAKS IF CARING FOR AN ELDERLY RELATIVE
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing
WHEN DO VALUABLE GIFTS TO CHARITY REQUIRE AN APPRAISAL?
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal.
PAY ATTENTION TO THE TAX RULES IF YOU TURN YOUR HOBBY INTO A BUSINESS
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or
SCRUPULOUS RECORDS AND LEGITIMATE BUSINESS EXPENSES ARE THE KEY TO LESS PAINFUL IRS AUDITS
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should
HOW RENTING OUT A VACATION PROPERTY WILL AFFECT YOUR TAXES
Many small businesses are run as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies,