Tax impact of investor vs. trader status If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified…
Get 2 tax benefits from 1 donation: Give appreciated stock instead of cash If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider…
Prepaid tuition vs. college savings: Which type of 529 plan is better? Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes,…
Documentation is the Key to Business Expense Deductions If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help…