Most organizations hire a CPA to issue financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). But not all financial statements are created equal. Owners can choose from three basic options, in order of decreasing assurance level:...
Any form of identity theft can be costly, unsettling, and take months — sometimes years — to fully recover from and repair. But tax-related identity theft can be particularly disturbing because it involves the IRS, about which many already harbor suspicion and...
How high can you jump? To claim a deduction for medical expenses on your personal tax return, you have to clear an annual hurdle imposed by the IRS. Although the bar was lowered a few years ago, it still takes a significant leap to clear this threshold....
Donating time to a charity can be a rewarding experience — both for you and people (or animals) who benefit from the organization’s mission. But your efforts may also provide you with some well-deserved tax breaks if you itemize deductions on your tax return....
There are several steps to creating and carrying out an estate plan — not all of which will fall on you. For example, other people must act as your plan’s executor and trust’s trustee (although they can be the same person). Your responsibility is to name...
Individual taxpayers who own appreciated vacant land should know the tax consequences before they sell or subdivide. Here’s critical federal tax guidance for these individuals. Important: For purposes of this article, we’ll assume that you own the lots...
