Category: Property
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Consider All Tax Consequences Before Making Gifts to Loved Ones
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple…
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Home Green Home: Save Tax by Saving Energy
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.…
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Be Aware of Tax Consequences Before Selling Your Home
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion…
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Casualty Losses Can Provide a 2017 Deduction, but Rules Tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the…
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Size of Charitable Deductions Depends on Many Factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash You may…
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Big Data Strategies for Every Business
You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this isn’t necessarily true. With so much software so widely available, companies of all sizes may be…
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Two New Ways to Claim Unclaimed Property in Illinois
In 2017, the Office of the Illinois State Treasurer and the General Assembly updated the State’s unclaimed-property law to incorporate recommendations of the Uniform Law Commission. On January 2, Treasurer Michael Frerichs announced on his Facebook page that “claiming cash and property will be a much simpler, faster process in 2018” while remaining free and secure. …