by Steven J Weil, PhD, EA, LCAM | Nov 18, 2023 | Blog, Personal Tax
Not able to itemize every year? Think about bunching deductions in the years you can itemize. If you have qualified itemized deductions that are NOT equal to the standard deduction in one year, you might be better off pushing deductions to the next year and itemizing...
by Steven J Weil, PhD, EA, LCAM | Nov 12, 2023 | Blog, Personal Tax, Wealth
Estate Planning Watch Out For the Cliff Watch out for the coming estate tax cliff. The Tax Cuts and Jobs Act increased the estate tax exemption amount through 2025. After 2025 the unified credit drops from $12.92 million per individual for 2023 to a figure around $7...
by Steven J Weil, PhD, EA, LCAM | Nov 10, 2023 | Blog, Personal Tax
Charitable Contributions & Your 2023 Taxes The deduction of charitable contributions by non-itemizers has expired along with the enhanced deduction of itemized charitable contributions. However, considering charitable contributions for the year remains a viable...
by Steven J Weil, PhD, EA, LCAM | Oct 22, 2023 | Blog, Business Tax, Personal Tax
Tax planning is one of the best ways we know to reduce your tax bill, and at RMS Accounting we take a proactive approach to helping clients pay the lowest amount of tax allowed by law. We do this through a two-step process. Step 1 requires us to keep up to date with...
by Steven J Weil, PhD, EA, LCAM | Oct 12, 2023 | Blog, Personal Tax
Teachers – Out of Pocket Classroom Expenses Are Tax Deductible Teachers and other educators can deduct up to $300 of out-of-pocket classroom expenses for 2023 when it comes time to file their federal income tax return. An eligible educator can deduct up to $300 of...
by Steven J Weil, PhD, EA, LCAM | Sep 9, 2023 | Blog, Business Tax, Personal Tax
No Statute of Limitations If You Don’t File A Return The statute of limitations for any given tax year does NOT start if you don’t file a tax return. This means that the IRS can assess taxes and even file criminal charges related to unfiled returns regardless of how...
