Say your aging parents live in a home that has appreciated in value, but they’re no longer reaping any of the homeownership tax breaks during their retirement years. Sound familiar?
Continue reading “Tax Breaks: Buy Parents’ Home, Rent It Back to Them”
That’s not a misprint. You can qualify for a 0% tax rate on some or all of your long-term capital gains realized in 2017.
Continue reading “Pay Zero Tax on Capital Gains”
For over 25 years, SAVIGNANO Accountants & Advisors has provided tax services to help you address your personalized tax needs. We have often been asked if we could assist with your Financial Service needs. We are excited to announce that through a strategic alliance with New York Life Insurance Co./New York Life Securities, we can now offer the best team in financial services.
Continue reading “SAVIGNANO Accountants & Advisors Forms Partnership”
Substance Over Form
Have you received a W-2 or 1099 with an error? Check forms carefully to ensure accuracy. If you discover a mistake, contact the payer promptly to obtain a revised form. Also, a payer may issue a corrected form on its own. Don’t ignore the change on the 1040 you file with the IRS. The IRS computers match up W-2s and 1099s and could produce an unexpected tax bill.
Continue reading “Tax News”
The 2018 standard mileage rate for business driving will rise to 54.5 cents a mile, up 1 cent from 2017. Businesses with four or fewer vehicles can use this rate, but each vehicle’s basis must be reduced by the depreciation component…25 cents a mile.
Continue reading “Mileage Rates”