Don't forget about state and local taxes when deciding where to live in retirement

Many Americans relocate to another state when they retire. If you're thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you consider property taxes and sales taxes. Fo...
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24 Hits

A Net Operating Loss (NOL) isn't all that bad!

When a company's deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs. Pre-TCJA law Under pre-T...
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159 Hits

Sending your child to summer camp may provide tax savings

  When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is worth 20% of qualifying...
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66 Hits

The tax consequences of selling your home

In many parts of the country, summer is peak season for selling a home. If you're planning to put your home on the market soon, you're probably thinking about things like how quickly it will sell and how much you'll get for it. But don't neglect to consider the tax consequences. Home sale gain exclusion The U.S. House of Representatives' original v...
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179 Hits
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