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Tax Planning Archives

Marriage and divorce in the GOP tax bill

Marriage and divorce are two of the bigger things that can happen in a person’s relationship life. They can also be big events when it comes to a person’s taxes. Getting married or divorced can have major impacts on the rules, challenges and opportunities that are present for a person when it comes to taxes. So, when either of these big events occurs in a person’s life, among the things they may want to seek legal guidance on is what the event means for them when it comes to their tax planning needs.

When is a written acknowledgment required to deduct a charitable gift?

There are many types of charitable giving a person may do over the course of the year. Among the issues that can come up in connection to such gifts are tax issues. This is because, under U.S. tax law, taxpayers can claim deductions for their donations to charity.

Tax budgeting could help businesses with cutting costs

Budgeting can play an important role for small businesses. This includes tax budgeting. As a recent NBC News article noted, budgeting out money to make sure a business has enough to cover its tax liability is among the things that could help a business owner with keeping their company’s costs down.

Travel costs related to volunteering can be deductible

It is pretty well-known that donations to charity can be tax deductible. However, giving gifts of money or assets is far from the only way individuals support the charities they care about. People also may donate their time to charities through volunteering. Can taxpayers claim any deductions for this method of supporting a charitable cause?

Estimated tax mistakes can lead to tax penalties

There are many things individuals might be worried about when it comes to taxes. One is that they might accidentally subject themselves to tax penalties. There are a range of tax mistakes that could expose a person to such penalties. These penalties can have significant financial ramifications for a person.

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