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Advice on Tax Elections

The 2016 presidential race is over, but taxpayers may still have to make important elections on their 2016 federal income tax returns. These choices can be significant and could result in differences of hundreds or thousands of tax dollars. Because software programs don’t always provide all the relevant information, clients may turn to tax professionals for the guidance they need.

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One of the first entries on your federal tax return – and often one of the easiest – is your filing status. In fact, you may not have a...
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Sometimes the “easiest” way on your tax return isn’t the “best” way. Take the home-office deduction, for example. You can avoid a lot of...
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Normally, when you sell real estate property and receive installment payments in return, you’re taxed over a period of years. That is...
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It’s a given that you can deduct state and local taxes on your 2016 federal income tax return if you’re an itemizer. But what kind of taxes...
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The IRS imposes strict recordkeeping requirements for taxpayers who use their vehicles for business driving. But at least you can avoid...
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It’s difficult for victims of a natural disaster, like a hurricane, flood, or tornado, to pick up the pieces and put their lives back in...