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Volunteering for charity: Do you get a tax break?

Volunteering for charity: Do you get a tax break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property...

Answers to your questions about 2020 individual tax limits

Answers to your questions about 2020 individual tax limits

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with...

4 new tax law changes that may affect your retirement plan

4 new tax law changes that may affect your retirement plan

If you save for retirement with an IRA or other retirement plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four...

Congress gives a holiday gift in favorable tax provisions

Congress gives a holiday gift in favorable tax provisions

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...

What it takes to deduct medical expense on your tax return

What it takes to deduct medical expense on your tax return

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...

Use a Coverdell ESA to help pay for your child’s education

Use a Coverdell ESA to help pay for your child’s education

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions...

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