Tax deductions

Although the federal penalty was axed for those who failed to register for a plan, some states will continue to impose the coverage mandates.

To help individuals and businesses prepare for filing season, Grant Thornton has released a collection of year-end tax tips.

Clients who have yet to make withholding adjustments to cover their tax liability still have time to avoid the extra burden.

Clients who own a business may be eligible for a 20% deduction as a result of tax overhaul. For those who don’t qualify, there are other savvy strategies

Funding a Roth account, for example, may not offer upfront tax deductions, but withdrawals are tax-free.

High-deductible plans open the door to tax breaks for high-income investors, an expert says.

Clients should consider paying more deductible expenses before year-end if their total itemizable deductions will be close to their standard deduction amount.

Despite raised thresholds, advisors can still find big itemization opportunities if they know where to look.

Clients often underutilize deductions for work-related technology purchases and travel expenses.

Overall donations to charity organizations fell by 1.7%, while total individual giving decreased by 1.1%, the first drop since 2013.