Other Taxes

Guide

How To Deduct Your Car

Recouping the Costs of Business Use

When you use your car for both personal and business reasons and you are not fully reimbursed through your employer for the business expense...

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Taxes Other Taxes

Guide

Pet Tax Deductibility

When You Can - and Cannot - Deduct Your Pet

In general, deducting pet expenses on your tax return can get you into hot water with the Internal Revenue Service (IRS). Usually pet expens...

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Taxes Other Taxes Tax Returns

Guide

Selling Your Home And Taxes

Tax Effects to Consider when Selling Your Home

If you are preparing to sell your home, taxes are probably not the first thing on your mind — and they probably shouldn't be. However, when ...

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Other Taxes Tax Returns Taxes Federal Income Taxes

News

Cadillac Tax Debate

Repeal, Delay, or Implement the Health Care Tax?

Congress recently announced the delay of the "Cadillac Tax," the component of the Affordable Care Act (ACA) that taxes overly generous healt...

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Comments 10

Other Taxes Taxes

Q&A

Asked by an anonymous user

Do I have to pay taxes on a estate/property inheritance?

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Answers 2

Answered by Jeffrey Schneider
Tax Professional

If you are talking about Federal estate taxes, depends on the value of the estate. If the estate happened in 2017, the estate gets a $5.49 million exclusion or 100% if...

Estate Tax & Inheritance Taxes Other Taxes Tax Returns Taxes Federal Income Taxes

Q&A

Asked by Ashley Soto

I do some freelance work, and there are out of pocket costs associated with the work. If the client agrees to cover out of pocket costs, what's the best way to execute/bill/report for tax purposes?

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Answers 1

Answered by Ebrahim Rad
LUTCF , CLTC , MDRT in Woodland Hills, CA

You need to talk with your tax advisor or who ever prepare your tax.

Other Taxes Financial Planning Tax Returns Taxes Federal Income Taxes

Guide

IRS Reveals The Top Tax Scams Of 2019

Beware The IRS' Dirty Dozen Tax Scams

The Dirty Dozen — a 1967 war movie starring Lee Marvin, Charles Bronson, and Jim Brown, or a list of the top twelve tax scams as identified ...

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Other Taxes Tax Returns Taxes Federal Income Taxes

News

Today’s Headlines: Is It Time For An Oil Tax?

Economic News you can Use

A Proposed New Oil Tax Low oil prices mean hardship for some and opportunity for others. Count the Obama administration among the opportuni...

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Comments 13

The Economy Other Taxes Investing & Retiring Taxes

Q&A

Asked by Mary

Our independent student son is returning to school. If we make him owner of some of our existing 529 funds, will we be subject to gift tax?

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Answers 1

Answered by Kim Miller PRO+
CFP® in Redmond, WA

Hi - The annual gift tax exclusion allows you to give $14,000 per year to any one person without filing a gift tax return. A married couple who "join" in the gift ca...

College Funds (529 Plan) Other Taxes Investing & Retiring Taxes

Q&A

Asked by Nettrickr

Can you explain a 1031 exchange using two existing rental properties buying one property and what income tax there would be?

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Answers 1

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC

Hi Nettrickr A 1031 exchange is designed to defer taxes. Check with your property attorney for specifics in your situation. The exchange can include like-kind p...

Property Taxes Other Taxes Tax Laws Taxes