The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses.
Facebook founder Mark Zuckerberg made news recently by promising to give away 99% of his net worth, including his Facebook shares, to charity. The arrangement takes advantage of a unique tax break for charitable gifts of appreciated property, such as stock.
Background: If you have held property long enough for it to qualify for a long-term capital gain if you had sold it—in other words, more than one year—you can deduct an amount equal to the property’s fair market value (FMV). On the other hand, if the property would not qualify for long-term capital gain treatment on a sale, your deduction is limited to your basis in the property, which is often its original cost.
DeJoy, Knauf & Blood is honored to be nominated for the Rochester Business Journal's 2016 Best of the Web Award in the Banking and Financial Services Category!
Now that the holidays are over, another event that is looming on the horizon may not be a cause for celebration: filing your tax return. Nevertheless, you can relieve some of the stress by having your return professionally prepared. There still is a little “work” required on your part, but it should not take much time or effort. Here are seven steps to guide you along the way.
The trust we put in software, coupled with our fears of getting in trouble with the IRS has become the perfect storm for those who wish to steal your identity. What follows are some tips for protecting yourself in this electronic world.