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Category: Income Planning

Use Your Business to Maximize Charitable Donations

Use Your Business to Maximize Charitable Donations

Use Your Business to Maximize Charitable Donations Giving to your church, school, or other 501(c)(3) charity is a noble act no matter how you choose to give. But for the purposes of tax savings, some forms of giving are much more beneficial to you than are others. As...
Congress Reinstates Expired Tax Provisions

Congress Reinstates Expired Tax Provisions

The big five tax breaks that most likely impact yourForm 1040 Congress let many tax provisions expire on December 31, 2017, making them dead for your already-filed 2018 tax returns. In what has become a much too common practice, Congress resurrected the dead...
Know Whether Your Trip Is a Deductible Business Expense

Know Whether Your Trip Is a Deductible Business Expense

Know Whether Your Trip Is a Deductible Business Expense To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you...
Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate? Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might...
Combine Home Sale with the 1031 Exchange

Combine Home Sale with the 1031 Exchange

Combine Home Sale with the 1031 Exchange You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity.  The tax-saving strategy is to...