10 Tax Tips for Volunteers

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....

Estate Planning: Select an Executor and Trustee With Care

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...

Do You Know the Tax Consequences of Selling Appreciated Land?

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...

Work or Pleasure: The Tax Rules for Hybrid Travel

With business travel picking up again and summer fast approaching, many business owners may be mulling trips that combine work with vacation or other personal activities. A quick refresher on the IRS rules related to deducting business vs. personal travel costs can...

Beware: Remote Work May Complicate Your Income Taxes

Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home. Some remote workers even work in a different state than where their employers are based. These employees may have...

10 FAQs About ABLE Accounts

Parents of children with disabilities face financial challenges, especially when planning for the children’s needs when the parents are no longer around. Congress crafted the Achieving a Better Life Experience (ABLE) Act in 2014 to help parents in these...