2021 – 09/21 by Deborah Carroll We ran into a dilemma in funding college for our children. Perhaps our experience will help you assess your own college spending options. We have two kids, each with a Texas Guaranteed Tuition Plan. Child 1 is done with school but has leftover hours in the plan, prepaid tuition…
2021 – 09/20 Generally, individuals who claim the standard deduction on their tax returns can’t deduct charitable contributions. But for 2021, the Taxpayer Certainty and Disaster Tax extended parts of an earlier law that allowed individuals to claim charitable contributions up to $300 for 2020. Those who file married joint returns may claim up to…
2021 – 09/20 If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a…
