Tax deductions

New regulations have altered advice for Social Security, Roth conversions, tax code, estate planning and much more. Financial plans must be crafted with enough flexibility to change with the times.

Here's an at-a-glance guide to the candidates' positions on individual taxes.

The rule change is designed to have an impact in the fight against COVID-19 and applies only to donations made to charitable organizations, an expert says.

Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.

Despite the July 15 deadline extension as a result of the coronavirus, some taxpayers are advised to file early.

Designating charities as a beneficiary of their retirement accounts is one strategy that can enhance their tax savings.

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.

Despite changes in the new law aimed at scrapping a penalty for most new couples, those from high-income households may owe more this year.

There are still several moves that clients can make to reduce their 2018 tax bill.

A higher standard deduction makes itemizing deductions less valuable.

Changing filing statuses and maxing out deductible contributions to IRAs and HSAs are some ways clients received bigger reimbursements.