Maximize Your Car Donations
As another tax season approaches, taxpayers are always trying to maximize deductions. If you have an automobile that you are not currently using, you may want to consider donating it to a 501(c) (3) charitable organization. A listing of 501(c) (3) organizations can be found on the IRS website (http://www.irs.gov/Charities-&Non-Profits/Exempt-Organizations-Select-Check).
Continue Reading
2015 Year-End Tax Planning
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to act on a number of important tax breaks that expired at the end of 2014. Some of these tax breaks ultimately may be retroactively reinstated and extended, as they were last year, but Congress may not decide the fate of these tax breaks until the very end of 2015 (or later).
Continue Reading
Understanding the Wynne Case
Taxing jurisdictions within the U.S. tax their residents on the resident’s total income. Income is taxed by the resident state regardless of if it was earned within or out of state. If income is earned by the resident in another jurisdiction, the nonresident jurisdiction will tax the nonresident on income earned within their jurisdiction. Thus, the taxpayer that has income in two or more taxing jurisdictions could be taxed twice on the same income, once by their home/residence state and another by the state in which the income was earned.
Continue Reading
