A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This ...
... individuals who don’t itemize deductions can claim a federal income tax write-off for up to $300 of cash contributions to IRS-approved charities for the 2021 tax year. This deduction is $600 for married ...
... doubled the standard deduction amounts for 2018 through 2025. As a result, fewer individuals are claiming itemized deductions. For 2020, the standard deduction amounts are $12,400 for single filers, $24,800 ...
... who don’t itemize their deductions (and instead claim the standard deduction) can’t claim a charitable deduction. Under the CARES Act, individuals who don’t itemize deductions can claim a federal income ...
... fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, all types of ...
... individuals who retire early and need to draw cash from their traditional IRAs to supplement other income. Naming beneficiaries. The decision concerning who you want to designate as the beneficiary of ...
... chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.59% of individualtax returns were audited in 2018, as compared with 0.62% in ...
... sources in the firm library. Becomes proficient in the preparation of corporate, individual, partnership, fiduciary, and other tax returns prepared by the firm. Assumes responsibility for ...
... individuals turn age 70½, even if they’re not retired. The law and regulations don’t state how many hours an employee needs to work in order to postpone 401(k) RMDs. There’s no requirement that he or ...
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), ...
... the individual goals of our clients. Through strong work ethic and commitment to high quality, timely professional service, we can help you and your company lead the way to future success. Strickler ...
... foreign entities Completing individual U.S. income tax returns for nonresident/resident aliens and U.S. citizens residing in Mexico and other foreign countries Assessing the impact of tax treaties ...