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Tax Planning

Here's What Animal Rescue Volunteers Can Write Off at Tax Time

Julian Block | Posted 02.12.2016 | Business
Julian Block

Millions of individuals volunteer to help raise funds or perform other tasks on behalf of charitable organizations like religious groups, schools and ...

Can Strippers Deduct Breast Implants?

Julian Block | Posted 02.01.2016 | Business
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Why Home Seller Who Suffers a Loss Won't Get a Tax Break

Julian Block | Posted 01.29.2016 | Business
Julian Block

What if your employer reimburses you for the loss? No offset of an otherwise nondeductible loss against the reimbursement, because they're separate transactions. The loss stays nondeductible. Nor is it permissible to include the reimbursement as part of the selling price and avail yourself of the exclusion.

Bad Debt Deductions for Worthless Loans to Spouses

Julian Block | Posted 01.27.2016 | Business
Julian Block

These being the times they are, you may be tapped for loans by relatives or friends who are unable to come up with the down payment for a home or who ...

A Dilemma for Stock Market Investors: Sell or Sweat

Julian Block | Posted 01.26.2016 | Business
Julian Block

The rules for capital gains are tricky. Let's start with the basics.

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 01.05.2016 | Money
Julian Block

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes and others kinds of casualties? But the law imposes several restrictions.

Deduct Business Suits? Forget It

Julian Block | Posted 12.28.2015 | Business
Julian Block

Paying the shirt off your back at tax time? Don't count on a deduction for what you wear to work from what you make at work.

15 Things You Should Know About Trump's Tax Plan

GOBankingRates | Posted 12.23.2015 | Politics
GOBankingRates

By Chuck Epstein, Contributor Republican presidential candidate and billionaire Donald Trump has shown he is politically controversial. His propose...

How to Take a Tax Deduction for Protecting Your Good Name

Julian Block | Posted 12.17.2015 | Business
Julian Block

And when it comes to your reputation, the line between business and personal is thin indeed. What controls the outcome are the particular circumstances.

Why This Cold War Tale of Tax Fraud Was Never Solved

Julian Block | Posted 12.15.2015 | Business
Julian Block

Recent revelations that the FBI and CIA used at least 1,000 ex-Nazis as spies after World War II, in Europe and the United States, made me think about...

Here's How to Steer Clear of the Mutual Fund Tax Trap

Julian Block | Posted 12.11.2015 | Business
Julian Block

Plan ahead before you buy some shares in a stock mutual fund near year end, when the fund is about to pay a dividend.

Why You Should Donate Appreciated Assets to Your Favorite Charities

Julian Block | Posted 12.10.2015 | Business
Julian Block

When we contribute to our favorite causes, most of us go the easiest, most familiar route and simply write checks or use credit cards. We receive inco...

A Few Year-End Reminders for Dependency Exemptions

Julian Block | Posted 12.08.2015 | Business
Julian Block

Do you support one or both of your parents? Now is the time to nail down dependency exemptions for them. For 2015, you can claim an exemption of $4,0...

Tax-timing a Marriage or Divorce

Julian Block | Posted 12.07.2015 | Divorce
Julian Block

As part of your tax planning, you need to consider an expected change in your filing statue for this year or next.

Can You Turn Your Investment Loss Into Tax Savings?

Carrie Schwab-Pomerantz, CFP | Posted 12.04.2015 | Business
Carrie Schwab-Pomerantz, CFP

Before your holiday to-do list gets too overwhelming, take the time to review your investments -- both winners and losers -- to see if balancing capital gains and losses could lower your tax bill. It's not a difficult process, but it does take some careful calculations.

Fees for Divorce Mediators and Matrimonial Attorneys: What's Deductible

Julian Block | Posted 12.04.2015 | Divorce
Julian Block

The IRS generally says "no" to tax deductions that might ease the pain of divorce. The agency has no sympathy for payments to mediators or litigators and other costs associated with a divorce. It characterizes those outlays as nondeductible personal expenses.

Tax-Free Gift Limits: How Much Money Can You Give??

Carrie Schwab-Pomerantz, CFP | Posted 11.30.2015 | Business
Carrie Schwab-Pomerantz, CFP

I'm a big believer in one generation helping the next, and the holidays are an excellent time to share one's good fortune. I'm also happy that you're concerned about the tax situation for your mother as well as yourself. It shows a mutual concern and a sense of financial responsibility.

Top 10 Year-End Tax Planning and Other Financial To-Do's

Carrie Schwab-Pomerantz, CFP | Posted 11.16.2015 | Business
Carrie Schwab-Pomerantz, CFP

With time rushing by and the end of 2015 in sight, you may be lamenting that you haven't accomplished all that you had planned. But even if you'll have to put off certain things until 2016, you still have time this year to make some smart financial moves.

Preparing for Inheritance: How to Avoid Losing It All

Steven Abernathy and Brian Luster | Posted 11.10.2015 | Fifty
Steven Abernathy and Brian Luster

Wealth management usually comes in two parts: financial planning to increase and manage your wealth, and estate planning to protect and pass the wealth along to heirs with as few taxes as possible.

Will You Have to Pay Capital Gains Taxes on the Sale of Your Home?

Carrie Schwab-Pomerantz, CFP | Posted 07.06.2015 | Money
Carrie Schwab-Pomerantz, CFP

While there are generous exclusions allowed when it comes to capital gains on the sale of a home, timing is crucial and the clock is ticking.

Ready For April 15? Here Are 11 Great Tax Planning Tips For Same-Sex Couples

The Huffington Post | Curtis M. Wong | Posted 02.02.2016 | Queer Voices

Whether you're ahead of the game or procrastinate until the last minute, filing your income taxes is rarely a gratifying experience, even in the best ...

Yours, Mine and Ours: Planning Stepfamily Finances

Jason Alderman | Posted 03.09.2015 | Money
Jason Alderman

Couples planning to blend families often have to make financial arrangements that respect previous relationships with ex-spouses and their families. Issues range from childcare and eldercare to potentially complex matters. That's why involving trained experts in stepfamily financial planning is a must.

Year-End Tax Planning Ideas For Big Savings

Bill Ringham | Posted 02.08.2015 | Money
Bill Ringham

With less than a month left in the year, you can easily get a rough idea of how much you will owe in taxes for the 2014 tax year. If your anticipated tax bill is giving you sticker shock, there are a number of investment moves you can take between now and the end of the year to help reduce your tax liability for the 2014 tax year.

The Irony of Intelligence

Steven Abernathy and Brian Luster | Posted 01.31.2015 | Fifty
Steven Abernathy and Brian Luster

The smartest, most successful, highly effective people understand how to distinguish and separate that which is critically important (and in their control) from that which ultimately won't make a critical difference -- or, is outside of their circle of competence and control. It's an important distinction.

How The First National Podcasting Conference Launched With A $30,000 Kickstarter Campaign

John Corcoran | Posted 12.20.2014 | Business
John Corcoran

Dan Franks knew 24 hours into his first Kickstarter campaign that they were on to something. Franks and a couple of co-founders had decided to hol...