Jan 15, 2015 | Gift Planning, Tax Credits, Tax Planning, Taxable Income
After a suitable organization has been picked, we will work to structure tax planning strategies that are tax-efficient and then establish a trust, foundation, or fund. Once the plan has been implemented, we will continue working with you in order to ensure the...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Regardless of whether most of your income comes from tips, all tips or gratuities you receive while on the job are considered to be taxable income. Even non-cash gifts, such as tickets to sporting events, must be declared to the IRS, as they are subject to federal...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
When you receive alimony from a spouse or former spouse, it is necessary to report it as income in the year you received it. Alimony payments you make are tax-deductible but only if they are made under an official divorce decree. Payments not made under an official...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Money gained through gambling is considered taxable income. All cash winnings must be included, along with the fair market value of non-cash prizes won through gambling. You can claim gambling losses as a deduction but will not be allowed to claim more than your...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
Rental income is taxable, but not everything you collect from your tenants is taxed. You can lower your rental income by subtracting the expenses incurred when getting your property ready for rent and then keeping it maintained as a rental. Rental income and expenses...
Nov 14, 2014 | Individual Income Tax Returns, Taxable Income
All or some of the amounts you receive could be taxable if you get retirement benefits from annuity or pension payments. They are fully taxable if you have no investment in the contract because you didn’t contribute anything for the pension or annuity, your employer...
