Tax Deductions You Won’t Believe

While Americans are entitled to take every legitimate deduction to manage their taxes, the Internal Revenue Service (IRS) places limits on your creativity. Here are some examples of deductions from…

What the New Tax Bill Means for You

The enactment of the Tax Cuts and Jobs Act represents “the most sweeping overhaul of the U.S. tax code in more than 30 years.”1 For millions of Americans and businesses…

How to Appeal Your Property Taxes

Between 30 percent and 60 percent of taxable property has an inflated assessment, which may lead to higher property tax bills. Moreover, typically fewer than 5 percent of taxpayers dispute…

Six Most Overlooked Tax Deductions

Who among us wants to pay the IRS more taxes than we have to?¹ While few may raise their hands, Americans regularly overpay because they fail to take tax deductions…

Red Flags for Tax Auditors

No one wants to see an Internal Revenue Service (IRS) auditor show up at his or her door. The IRS can’t audit every American’s tax return, so it relies on…

Donating Art: Taxation Abstraction

The varied reasons to donate art include a personal affinity for a museum, the desire to create a legacy, and the tax consideration that may come with the donation. The…

How to Make the Tax Code Work for You

By April 20, 2018, 138 million taxpayers had dutifully filed their federal income tax returns.¹ And all of them made decisions about deductions and credits—whether they knew it or not. When…

What Do Your Taxes Pay For?

Tip: Mid May. If the government had raised taxes enough to cover federal borrowing, we would have had to work until May 6 just to cover the tax bill. Source: Tax…

Understanding Marginal Income Tax Brackets

Tip: High Bracket. In 1944, the highest federal income tax bracket was 94%. It applied to all income above $200,000 a year and applied to all taxpayers, regardless of filing…

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