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Charitable contributions and gifts

Charitable contributions and gifts

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...
The Social Security wage base is increasing for 2022

The Social Security wage base is increasing for 2022

The Social Security Administration recently announced that the Social Security wage base for computing Social Security taxes will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social...
Vacation home rental: How is your tax bill affected?

Vacation home rental: How is your tax bill affected?

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation...