How Do Capital Loss Carryforwards Work?
When an investor sells a stock or mutual fund that produces a loss, this capital loss reduces taxable income by first offsetting any capital gains, and then by reducing taxable…
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What Receipts Do You Need to Keep for Your Tax Return?
In the event of an IRS audit, you need to provide documentation for your deductible expenses. Some people keep the receipts, while others keep credit card statements. So what exactly…
Watch Out For a $1,500 Tax Hike When Your Child Turns 17
Do you have a child who turns 17 in 2019? If so, you may be in for a tax hike next year. Why? Because the child tax credit ends the year…
Beware, Your Interest Deduction May be Limited Under New Law
Prior to the Tax Cuts and Jobs Act, taxpayers could deduct interest on mortgage loans up to $1 million as long as the proceeds were used for the purchase of…
New IRS Regulations Put an End to a Real Estate Strategy for Saving Taxes with Section 199A
Last December’s tax reform was billed as the Tax Cuts and Jobs Act, and to that end, small businesses received a valuable deduction with the idea that the tax savings…
Child Tax Deductions for Divorced Parents
Taxes after divorce can be confusing, especially when children are involved, and when the parents disagree about who gets to claim a child on their tax return. According to the…