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Blogging Beyond the Numbers

Posted by: Mike Scholz 12 months ago
There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the beneficiary can use later to pay qualified education expenses: ...
Posted by: Mike Scholz 1 year ago
The lower fuel prices we experienced in 2016 means the 2017 business mileage rates are also dropping. The Internal Revenue Service recently announced the standard mileage rates for 2017 for taxpayers to use in calculating the deductible costs of driving a car for business, charitable, medical or moving purposes. In Notice 2016-79, the IRS lists the standard mileage rates, effective as of Jan. 1, 2017: ...
Posted by: Mike Scholz 1 year ago
If you're charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits: Donating long-term appreciated stock. More tax savings Appreciated publicly traded stock you've held more than one year is long-term capital gains property. If ...
Posted by: Mike Scholz 1 year ago
If you invest, whether you're considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That's good if your net gains are long-term (that is, you've held the investment more than a year) ...
Posted by: Mike Scholz 1 year ago
Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this "floor." So now is a good time to add up your potential deductions to date to see if bunching is a smart strategy for you this year. Should you bunch i...
Business Travel
Posted by: Mike Scholz 1 year ago
If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your business activity are 100% deductible as long as the primary reason for the trip is business rather than pleasure. On the other hand, if vacation is the primary reason fo...