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Casualty loss deductions: You can claim one only for a federally declared disaster
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act,...
mconnolly54
Jul 3, 20192 min read
Three questions you may have after you file your return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three...
mconnolly54
Jul 3, 20192 min read
Seniors: Medicare premiums could lower your tax bill
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of...
mconnolly54
Jul 3, 20192 min read
Make a deductible IRA contribution for 2018. It’s not too late!
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA...
mconnolly54
Jul 3, 20192 min read
Still working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan...
mconnolly54
Jul 3, 20192 min read
Stretch your college student’s spending money with the dependent tax credit
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn...
mconnolly54
Jul 3, 20192 min read
The 2018 gift tax return deadline is almost here
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re...
mconnolly54
Jul 3, 20192 min read
Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances....
mconnolly54
Jul 3, 20192 min read
Careful tax planning required for incentive stock options
Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to...
mconnolly54
Jul 3, 20192 min read
Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several...
mconnolly54
Jul 3, 20192 min read
3 big TCJA changes affecting 2018 individual tax returns and beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax...
mconnolly54
Jul 3, 20192 min read
Why you shouldn’t wait to file your 2018 income tax return
The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15...
mconnolly54
Jul 3, 20192 min read
Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit
As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction...
mconnolly54
Jul 3, 20192 min read
There’s still time to get substantiation for 2018 donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging...
mconnolly54
Jul 3, 20192 min read
Is Now the Time for Some Life Insurance?
Many people reach a point in life when buying some life insurance is highly advisable. Once you determine that you need it, the next step...
mconnolly54
Jul 3, 20192 min read
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