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Tax Tips Small Business

  • Clothing for Your Job is Not Always Deductible

    Understanding the rules

    Many taxpayers are required to maintain a certain personal appearance or wear special clothing for work. However, not all your purchases for work-related attire or personal grooming reap a tax deduction. If you are required to wear a uniform or other special clothing that has the name of your employer or some other logo on it, that cost is deductible as a miscellaneous itemized deduction.

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Small Business Quick Tip

  • Employer Provided Education

    Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.
Saturday, 17th November 2018
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Tax Tips Personal

  • Charitable Remainder Trusts

    Reduce your estate by gifting property

    There are many ways to contribute to a charitable organization. You can write a check, donate property, or give of your time. If you're planning for retirement, you might want to consider making a gift of a future interest in your property by establishing a charitable remainder unitrust or annuity trust. These trusts allow you to contribute the property and retain an income stream.

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Personal Quick Tip

  • Mutual Fund Cost Basis

    If you own mutual funds, it is important to keep track of your reinvested dividends. These dividends increase your cost basis resulting in a lower capital gain when you sell the fund.