Category Archives: Uncategorized

You Can Deduct $300 for Charitable Contributions This Year While Taking Standard Deduction

charitable gifts

The Coronavirus Aid, Relief and Economic Security (CARES) Act included several temporary tax changes to help charities, including the special $300 deduction designed especially for people who choose to take the standard deduction. Under this new change, individual taxpayers can claim an “above-the-line” deduction of up to $300 for cash donations made to qualifying tax-exempt […]

Payroll Tax Holiday: Gift or Grief?

Walker Glantz Team

What is the payroll tax holiday? In early August, President Trump issued an executive order allowing a payroll tax holiday for employees’ portion of the social security tax. The effective date of the order was September 1, 2020. What are my options as an employer or as an employee? Option 1: Employers can opt-out of […]

How-To Ensure Tax-Free Income on the Sale of Your Home

Recently, I had a client ask what expenses they should be keeping records of when making upgrades to their principal residence. While explaining https://www.irs.gov/pub/irs-pdf/p523.pdf  How Selling Your Home Can Impact Your Taxes Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you […]

Recent Developments That May Affect Your Tax Situation

There were a number of important tax developments in the fourth quarter of 2017.  The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what […]