by Paula Kennedy, EA | Dec 21, 2021 | Tax
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500....
by Paula Kennedy, EA | Dec 7, 2021 | Tax
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if...
by Paula Kennedy, EA | Dec 1, 2021 | Tax
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions...
by Paula Kennedy, EA | Nov 17, 2021 | Tax
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750...
by Paula Kennedy, EA | Nov 11, 2021 | Tax
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in charitable contributions and gifts. Donating to charity Normally, if you take the standard...
