If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain… Read More
Blog
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Why it’s important to plan for income taxes as part of your estate plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it…. Read More
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Can investors who manage their own portfolios deduct related expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered… Read More
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Tax implications of working from home and collecting unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due… Read More
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Homebuyers: Can you deduct seller-paid points?
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners… Read More
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Should you reach out to “effective altruists?”
Effective altruism is commonly described as a philosophy that uses evidence and reasoning to determine the most effective ways to benefit others. Not all donors are aware of effective altruism, but the concept is growing in popularity. To determine whether… Read More
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Collective impact initiatives: All for one and one for all
Collective impact initiatives are growing among not-for-profits. Such initiatives are about more than collaboration. They represent the commitment of a group of organizations to a common agenda for solving a specific social problem. This group can include the nonprofits themselves,… Read More
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When should you pay nonprofit board members?
Most for-profit companies compensate the directors who serve on their boards. But not-for-profit board members generally serve on a voluntary basis. However, there are circumstances in which you might want to consider compensating those who serve on your board. Advantages… Read More
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What to do when the audit ends
Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately. In fact, failing… Read More
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The easiest way to survive an IRS audit is to get ready in advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the… Read More