Individuals can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. Are donations 100 percent tax deductible? Individuals may deduct qualified contributions of up to 100 percent ofRead More →
However, Virginia grants all taxpayers an automatic 6-month extension (which means you do not file an extension in Virginia) of time to file penalty free beyond the May 17, 2021 due date. The extended e-File deadline is Oct. 15, 2021 and the Virginia paper filing due date is November 1,Read More →
In practical terms, appraisers are looking for any items that adversely affect the home’s value, such as needed repairs, soiled carpets and plaster cracks. They also itemize the extra things that make the home desirable such as added insulation, air conditioning or a new roof. What does an appraiser assess?Read More →
Anyone with income of $72,000 or less can file their federal tax return electronically for free through the IRS Free File Program. The fastest way to get your tax refund is to file electronically and have it direct deposited – contactless and free – into your financial account. What isRead More →
The U.S. federal income tax is a progressive tax system. Its schedule of marginal tax rates imposes a higher income tax rate on people with higher incomes, and a lower income tax rate on people with lower incomes. The percentage rate increases at intervals as taxable income increases. When aRead More →
While a home’s value in the market can rise and fall precipitously, based on local conditions, assessed values are typically not as sensitive to fluctuations. … It doesn’t mean your property value is actually less. Assessed value is used mostly for property tax purposes. A lower assessment means a lowerRead More →
When you take your employees out to lunch, the IRS normally allows you to deduct only 50 percent of the lunch expense. However, there’s a wrinkle in the tax code that allows you to provide meals for your employees and write off 100 percent of the expenses, thus doubling yourRead More →
If you receive a court settlement in a lawsuit, then the IRS requires that the payor send the receiving party an IRS Form 1099-MISC for taxable legal settlements (if more than $600 is sent from the payer to a claimant in a calendar year). Box 3 of Form 1099-MISC identifiesRead More →
Qualified expenses include required tuition and fees, books, supplies and equipment including computer or peripheral equipment, computer software and internet access and related services if used primarily by the student enrolled at an eligible education institution. Can I claim my daughter’s tuition on my taxes? If your child is pursuingRead More →
Currently, the tax is assessed only on estates with assets exceeding $5.3 million ($10.6 million per married couple). Families with an estate worth less than those amounts pay nothing. Most families with estates worth $10.6 million or more do careful planning to avoid the tax. How much can you inheritRead More →