If you donate a used vehicle to charity, you are allowed to take a tax deduction for your generosity, but only if you itemize deductions on your tax return. Here’s the current rule governing donated vehicles. Tax law: The charity must inform the taxpayer of the price the donated vehicle sold for at auction. This […]
Archives for April 2019
The Alternative Minimum Tax: Will it affect you?
In your tax planning, don’t overlook how your tax-saving strategies might be impacted by the alternative minimum tax. What is the alternative minimum tax? Enacted back in 1969, the alternative minimum tax (AMT) is a separate income tax calculation that was designed to make sure that high-income taxpayers pay a minimum amount of taxes, even […]
Parents, Children and Taxes
Being a parent brings tremendous rewards, but also the challenge and responsibility of supporting and educating your child. Fortunately, the tax code has many ways to help ease a parent’s financial burden. Here’s an overview of the many ways that taxes can affect your decisions as a parent. Exemptions and credits Most parents can claim […]
Amended Returns: What You Should Know
Out of sight, out of mind. When it comes to old tax returns,that’s an approach many people like to follow. But before you completely forget about your old tax forms, you may wish to consider filing an amended return. Why file an amended return? If you made a mistake on a prior-year tax return, an […]