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Used Vehicle Donation Rules
There are strict rules for charitable contributions of used motor vehicles, boats, and airplanes that apply to donations valued at over $500. If these rules are not met, a taxpayer cannot claim a charitable deduction.
Tax Calendar
July 15—If the monthly deposit rule applies, employers must deposit the tax for payments in June for social security, Medicare, withheld income tax, and nonpayroll withholding.
Financial Websites
The University of Pennsylvania offers an extensive directory of finance and investment websites for your personal use.
Surviving Spouse Home Sale Exclusion Extension
Married taxpayers filing jointly can generally exclude from federal taxation up to $500,000 ($250,000 for unmarried taxpayers) of the gain from the sale or exchange of their residence.
Health Savings Account (HSA) Basics
Most of us like to take advantage of every available tax break. So, if you are eligible for a Health Savings Account (HSA), now might be a good time to start one.
Removing Economic Stimulus Deposits from Tax-deferred Accounts
The Economic Stimulus Act provides a tax rebate to eligible individuals based on their filing status and income.
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elcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.