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Retention of Personal Tax Records


Personal Tax records may have to be produced if the Internal Revenue Service (state or local taxing authority) were to audit your return or to seek to assess or collect a tax. In addition, lenders or other private parties may require that you produce copies of your tax returns as a condition to lending money, […]

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Selling Your Residence


Per the IRS, the home you live in most of the time is your main home. When you sell it you will typically either make money or lose money. If you make money it is called a capital gain.   A Gain Capital gains are taxable except that a capital gain of $250,000 or less […]

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Charitable Contributions


There are two kinds of charitable donations you can make: Cash and Everything Else. Cash Donations Cash charitable donations are deductible when made to a qualified charitable organization, and are limited to 50% of your income. This 50% limit is imposed on your total charitable deduction, cash plus non-cash donations. Everything Else Goods donated to […]

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Family Giving


Before the end of the year, take advantage of what is known as the annual gift-tax exclusion. This allows you to give up to $14,000 a year to each of any number of recipients. It allows $28,000 a year to each recipient if your spouse joins in the gift. The exclusion is an annual one […]

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Capital Losses


If you are about to sell a capital asset at a loss – stock in your company, for example – consider putting the property in joint tenancy with your spouse before the sale. The reason: If you can’t deduct the full amount of the loss, you can carry it forward. But if anything happens to […]

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