Tax Blog

Mar 16

charitable tax deductions for volunteers

Are You Entitled to These Charitable Tax Deductions?

By Salvatore Bochicchio Charitable Contributions

Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as…

Mar 15

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Will You Be Required To File A 2021 Gift Tax Return?

By East Coast Tax Consulting Tax Planning, Tax Returns

In 2021 you may have made substantial gifts to your children, grandchildren, or other family members as part of your estate planning. Or maybe you just wanted to help those close to you with some financial support.

Mar 02

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last will and testament containing inherited property

Inherited Property Enjoys Special Tax Treatment

By Salvatore Bochicchio Tax Planning

You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property. When an individual sells property,…

Feb 16

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qualified improvement property in office

Don’t Miss Out on the Tax Break for Qualified Improvement Property

By Salvatore Bochicchio Tax Deductions

Do you own or lease non-residential (think commercial) real property for your business or rent non-residential real property to others? If so, interior improvements you make to the property may be fully deductible in a single year instead of over…

Feb 09

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Section 530 Provides Safe Harbor For Misclassified Workers

By Salvatore Bochicchio Payroll Taxes

Have you been notified by the IRS that your Company will undergo a payroll tax exam? Are you worried about misclassified workers? As a business owner, you are obligated to collect and remit payroll taxes for your employees. But you…

Feb 02

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Here’s What You Should Know About an IRS Tax Audit

By Salvatore Bochicchio IRS Audit

The mention of an IRS tax audit has long been a cause for concern for taxpayers. Sometimes the concern is justifiable, while other times it's a fear arising from mythologies created about the agency. People both overestimate and underestimate the…

Jan 14

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Will 2022 Be Another Rough Tax Filing Season?

By Salvatore Bochicchio News, Tax Returns

This could be another rough tax filing season for the IRS and taxpayers. Although this year’s tax season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still…

Jan 05

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Can a Nonworking Spouse Contribute to an IRA?

By Salvatore Bochicchio Retirement Plans

One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce. While they remain unemployed, they will have lost the opportunity to build up their retirement nest egg through their employers’ retirement…

Dec 29

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It’s Time To Use The New IRS Identity Verification Process

By Salvatore Bochicchio News

The Internal Revenue Service recently launched an updated identity verification and sign-in process that enables more taxpayers to securely access and use IRS online tools and applications. Taxpayers using this new mobile-friendly verification procedure can gain entry to existing IRS…

Dec 15

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Don’t Forget to Take Your 2021 RMD

By Salvatore Bochicchio Tax Tips

The year is quickly coming to a close and if you haven't taken your 2021 RMD, it's time to do so. RMDs are required minimum distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also…

East Coast Tax Consulting Blog

Are You Entitled to These Charitable Tax Deductions?

Will You Be Required To File A 2021 Gift Tax Return?

Inherited Property Enjoys Special Tax Treatment

Don’t Miss Out on the Tax Break for Qualified Improvement Property

Section 530 Provides Safe Harbor For Misclassified Workers

Here’s What You Should Know About an IRS Tax Audit

Will 2022 Be Another Rough Tax Filing Season?

Can a Nonworking Spouse Contribute to an IRA?

It’s Time To Use The New IRS Identity Verification Process

Don’t Forget to Take Your 2021 RMD

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