Tax strategy scan

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

The tax basis can change when homeowners compute depreciation, loss or gain for sales purposes.

Taxpayers face a 5% penalty if they fail to meet the deadline.

Establishing an S corporation would protect their profits from federal income taxes of more than 23.8%, an expert says.

While an asset protection trust can cover nursing home care expenses in retirement, growth of these investments can trigger a tax bill.

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

Taxpayers are advised to thoroughly review their tax withholding to ensure there is enough to cover their 2019 bills.

Those who fail to meet the cutoff face a hefty penalty that could hit as much as 25% of their dues.

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

Contribution limits in a Roth IRA could shrink for couples after marriage.

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

Clients won't be taxed as the result of a deal if they hold the shares in ETFs or index mutual funds.

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.

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

Well over half say they would back Sen. Elizabeth Warren’s plan to tax those with more than $50 million in assets, a survey finds.

The legislation nullifies a strategy that previously allowed heirs to stretch an inherited account's tax-deferred growth based on their life expectancy.

The agency is asking taxpayers to account for multiple jobs within a household and to factor in the $2,000 child tax credit for each kid under 17.

With income taxes attached to hardship withdrawals, they are often advised to carefully weigh other options.

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

In one case, a 6-year-old owed $7,000 in federal taxes two years after his father, a U.S. Navy senior chief petty officer, died of a heart attack.