IRS Tax Planning Ideas, Tips & News

Since 2006, individuals age 70 ½ or older have had the opportunity to direct up to $100,000 of required minimum distributions (RMDs) from their IRAs to the charities of their choice. Unfortunately, … [Read more...] about How to Claim Charitable Deductions Without Itemizing Tax Deductions

We came across this article in the September 2016 issue of NATP Taxpro and felt compelled to share it with our readers. A male federal postal worker suffered an injury that required several surgeries. … [Read more...] about Social Security Insurance (SSI) Disability Payments Cause a Tax Nightmare

The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving … [Read more...] about IRS Announces Standard Mileage Rates for Business, Charity, Medical and Moving

Employers are responsible for collecting (withholding) and remitting their employees’ payroll taxes, which includes the employee share of Social Security, Medicare and federal income taxes. Far too … [Read more...] about General Partner Liable for Partnership Taxes

Generally, the IRS requires that a capital gain or loss be reported for tax reporting purposes when a capital asset is sold or exchanged. Thus, it is important that you understand what a capital … [Read more...] about Tax Implications When Selling Capital Assets

Since the December 31 year end is quickly approaching, it is the time when some employers think about issuing their employees a holiday or performance bonus. Generally, all payments made to employees … [Read more...] about Form 1099-MISC Misuse and Misconceptions