March Newsletter

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Many taxpayers expect to encounter a few roadblocks while traversing their preferred tax-saving avenues. Fortunately, tax extenders legislation signed into law this past December may make filing a little easier this year. This article walks through just a few highlights of the PATH Act — including pertinent provisions for both individuals and businesses. A sidebar notes that the provision allowing older taxpayers to make direct contributions from their IRA to qualified charities is now permanent.
Walk the PATH to Tax Savings

There are virtually countless charitable organizations to which one might donate. But, no matter the donation, the individual making the contribution will need documentation. This article provides five important points about substantiating donations.
5 Things to Know About Substantiating Donations

Understandably, many parents get in the habit of claiming their children as dependents on their federal tax returns. But there is a valid reason to break the habit. This article explores the concept of not claiming a child as a dependent so he or she can qualify for a valuable tax credit related to higher education.
Why you might want to not claim your child as a dependent

A business that’s run “on the side” might not be a business at all in the eyes of the IRS. To ensure some pursuits are really businesses — and not mere hobbies intended primarily to offset other income — the IRS enforces what are commonly referred to as the “hobby loss” rules. This brief article looks at the details.
Run a business “on the side”? Make sure it’s no hobby