tax breaks - CAPATA CPA

Merge business travels with family vacations without losing tax benefits

March 8, 2023June 10, 2016

Merge business travels with family vacations without losing tax benefits Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. . Reasonable and necessary Generally, if the primary purpose of your trip is business, expenses directly attributable to … Read more

QSB stock offers 2 valuable tax benefits

March 8, 2023May 4, 2016

QSB stock offers 2 valuable tax benefits By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain until you dispose of the new stock. The rolled-over gain reduces your basis in the new stock. … Read more

How to max out education-related tax breaks

March 8, 2023February 18, 2016

How to max out education-related tax breaks If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can take only one break per student, and, for … Read more

Congress passes “extenders” legislation reviving expired tax breaks for 2015

March 8, 2023December 22, 2015

Congress passes “extenders” legislation reviving expired tax breaks for 2015 Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on December 18. The PATH Act not only revives expired breaks for 2015 but … Read more

Substantiating charitable contributions by individuals

March 8, 2023November 24, 2015

Substantiating charitable contributions by individuals A reminder about the requirements to substantiate all of your charitable contributions. If the contribution is $250 or more, you’ll need a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. Here are the details. General rules For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written … Read more

Merge business travels with family vacations without losing tax benefits

QSB stock offers 2 valuable tax benefits

How to max out education-related tax breaks

Congress passes “extenders” legislation reviving expired tax breaks for 2015

Substantiating charitable contributions by individuals

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