Tax deductions

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.