Monthly Archives: March 2024
What to Know About Standard vs Itemized Deductions
A tax deduction lowers the amount of a taxpayer’s income that is subject to taxes, thereby also lowering the amount that a taxpayer has to pay come tax season. While most taxpayers use the standard deduction, many instead opt for the itemized deduction. Read on to learn more about the differences between these two… Read More »
IRA Owners Can Make Up to $100,000 in Tax-Free Charitable Gifts
In most cases, distributions from traditional Individual Retirement Arrangement (IRAs) are taxable when they are received. There are, however, exceptions to this rule. For instance, IRA owners who are over a certain age can transfer as much as $100,000 with no tax repercussions every year as long as those distributions are paid directly from… Read More »
Getting Ready to File Your 2023 Tax Returns
Taxpayers should be sure to start taking a few steps that will help them prepare for filing their returns next year. By taking these steps earlier in the filing process, taxpayers can have the information and paperwork they need to file their returns faster and more accurately. Organize and Update Your Tax Records Gathering… Read More »
