April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs,...
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing...
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or...
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax...
A taxpayer who deducted expenses related to use of his business vehicles recently took a wrong turn in Tax Court. Ultimately, his deductions were denied because he couldn’t provide the documentation need to support his deductions. In general, you can deduct costs...
GREETINGS CLIENTS AND FRIENDS, Season’s Greetings from the Insight Accounting Group team. As the tax year draws to a close and we take time to reflect, we want to say thank you to you for what you and your business contribute to our local and national economy....
