There’s a Favorable “Stepped-Up Basis” If You Inherit Property
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in […]
Paperwork You Can Toss After Filing Your Tax Return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain […]
Tax Rules for Donating Artwork to Charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax […]
Some Taxpayers Qualify for More Favorable “Head of Household”Tax Filing Status
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a […]
Gift Tax Return Basics
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 […]
Claiming Losses on Depreciated or Worthless Stock
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least […]
Awarded Money in a Lawsuit or Settlement? It’s Only Tax-Free in Certain Circumstances
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory […]
There Still May be Time to Make an IRA Contribution for Last Year
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower […]
May 15 Tax Deadline Extended to October 16 for California Disaster Area Taxpayers
As reported in IR-2023-33 on 2/24/2023
Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and […]
Child Tax Credit: The Rules Keep Changing But It’s Still Valuable
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over […]
