Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.
These days, many people have side “gigs” to earn extra money. Find out more about the tax consequences of taking on these jobs.
Are you selling your principal residence? You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.
Have you made your 2018 IRA contributions? It’s not too late just because it’s 2019. But you must act fast.
As 2018 is comes to a close, we all begin to look ahead to 2019. For 2019 many of the contribution limits increased from their 2018 levels. In calculating these, IRS compares the official cost of living increase from September of 2018 to September of 2017. Because the cost of living was higher in 2018 many of the indexed (for inflation) contributions, limitations, thresholds, etc in the IRS were adjusted.
While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for some of these costs.
The charitable donation deduction hasn’t been proposed for elimination or reduction under tax reform, but there still are reasons to maximize charitable giving this year. Just be sure to follow the rules.