Tax breaks

That Rothko, Basquiat or Banksy hanging in the front hall may be a great way to get a tax break.

Qualified small business stock may lose a lot of its value if congressional proposals go through.

For accountants and tax professionals working with clients age 50 and older, there are certain tax perks to recommend that could help boost savings for the future.

With the passage of so much tax legislation over the past several years, there is tremendous opportunity for savings and planning.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.

Here are some obvious and not-so-obvious year-end tax tips to consider as we prepare ourselves and our clients for the new year.

The agency announced changes to more than 60 tax provisions.

The final regulation includes guidance on the requirements needed for properties to qualify for the deduction.

While the Trump administration has called for a delay to the April 15 deadline, they have yet to issue formal guidance on when paperwork is due.

Any gains on the sale of a property they've held for over a year may be taxed as much as 20%.

Retirement savers stand to gain more by investing their money instead of taking an interest-free reimbursement.

Adjusting a federal income tax return depends on personal tax circumstances, “such as the materiality of the error,” an expert says.

One option is to sell funds with lower or no estimated distributions, especially if possible savings will exceed trading costs.

Clients with children are advised to start saving early in a 529 plan to take advantage of the “tax-free or tax-deferred growth.”

With the net unrealized appreciation, workers can roll some employer stock into a taxable brokerage plan.

Under new rules, small business owners can offer their workers tax-free dollars to buy health coverage.

They are not required to pay taxes on income accrued from properties leased for no more than 14 days.

The firm joins a growing roster of asset managers taking advantage of new tax breaks for investing in low-income communities.

The regulator is looking into whether brokers made appropriate share class recommendations for the plans as a result of the new law.