Individual Taxation

The holidays are the time for giving. Americans donated $592.5 billion in 2024 which was an increase of 6.3% over the prior year 1 . Even though that is a staggering stat, what’s even more impressive is that nonprofits generally raise between 24% and 47% of their total annual revenue during November and December 2 . Not only does charitable giving make us feel like we are making a difference in someone’s life, but it can also be a great tax deduction. Below are rules and limi

Here’s a fun topic that is generally not thoroughly researched by the public. If it was, I believe entries for sweepstakes and lotteries would be far less common. Still, the allure of winning that car, home, trip, or cash of your dreams is far too attractive to let some pesky thing like taxes come in between you and your newly found spoils. Right? Well, maybe it shouldn’t be. I’ll explain below.   Lottery I’ll start with the form of gambling that nearly everyone is aware of…s

Many items we buy for use in business can be expensed in the year purchased. This means the value of office supplies, some computers and furniture, and other items needed to operate a business can be placed on the profit and loss statement as an expense which reduces net income. However, not all items we buy are allowed to be expensed in the current year and must be capitalized. So, instead of being able to “write-off” the entire item as an expense, we must put the new asset

Five important changes for tax year 2025.

If you earn income, you (almost) always pay tax.

There's a new investment account for children. How does it stack up against 529 plans?

Understanding the transaction related to the sale of a principal residence.