- Do You Understand Tax Lingo?
- When discussing taxes, reading tax related articles or interpreting instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax strategies if you are not familiar with the basic terminologies used in taxation. The following provides you with the basic details associated with the most frequently encountered tax terms.
- You May Be Able to Donate Your Unused Employee Vacation, Sick, or Personal Leave to Ukrainian Relief
- There is a little-known disaster provision of the tax code that, where if an employer has adopted a leave-based donation program, the employees can forgo paid vacation, sick, or personal leave in exchange for their employer making equivalent cash payments to qualified charitable organizations.
- Video Tips: How to Distinguish Hobby Vs. Business for Tax Purposes
- According to the IRS, any income generated from a hobby must be reported on your tax return, but it is not eligible for deductions like business expenses. Watch the video to see how the IRS distinguishes between a hobby and a business.
- Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return
- If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues:
- Is Your Will or Trust Up-to-Date?
- When was the last time you or your attorney reviewed or updated your will or trust? If it was some time ago before the passage of substantial tax law changes over the past few years, your documents may be out of date. Among the many changes was a substantial revision to the estate tax exclusion.
  |
|  |