by apexcpas | Jul 4, 2018 | Tax Planning
Hawaii rewards residents for taking care of their trees, so long as a certified arborist deems the tree “exceptional.” Individuals can deduct up to $3,000 for the costs associated with maintaining “a tree with historic or cultural value or that, by...
by apexcpas | Jul 4, 2018 | Tax Planning
If you owe money and either the lender forgives your debt or someone else pays your debt, usually the result is taxable income to you. The tax law calls this concept “income from discharge of debt.” Although a discharge of debt generally results in income,...
by apexcpas | Jul 4, 2018 | Tax Planning
Not surprisingly, the Tax Court has ruled that taxpayers cannot cite a television commercial that mischaracterizes certain tax rules as authority to support the position taken on a tax return. In 2009, Ralph and Jacqueline Grosso purchased a townhome for their adult...
by apexcpas | Jul 4, 2018 | Tax Planning
In some cases, life insurance proceeds can be subject to estate tax, even if you do not own the policy at the time of your death. The proceeds of insurance on a decedent’s life payable to a named beneficiary are subject to estate tax if the decedent possessed...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has announced that the optional mileage allowance for owned or leased autos – including vans, pickups and panel trucks – will remain at 55.5 cents per mile for business travel after 2011. The rate is unchanged from the July 1, 2011, midyear adjustment....