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7 Smart Year-End 2015 Tax Planning Tips for Individuals

As 2015 winds down, it’s a good idea to budget for your 2015 personal income tax bill, in the event that you’ll owe the IRS money. Taxpayers who review their situations before year end have many more tax-reduction strategies at their disposal than those...
Should you “bunch” medical expenses into 2015?

Should you “bunch” medical expenses into 2015?

Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income....

Selling rather than trading in business vehicles can save tax

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be...

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