A will allows the testator (the person creating the will) to specify:

If an individual, partnership, estate, trust, or an S corporation engages in an activity that is not conducted as a for-profit business, expenses (other than

There is no dollar limit on the amount that one person is allowed to give to another. Gift tax rules do not prohibit a donor from making gifts in excess of

Steps to managing income and expenses include:

Farm inventory includes all items held for sale or for use as feed, seed, etc., whether purchased or raised, that are unsold at the end of the year. Farmers

You can open different kinds of IRAs with a variety of organizations. You can open an IRA at a bank or other financial institution or with a mutual fund or

The itemized deduction for state and local taxes paid is limited to $10,000 ($5,000 MFS).

Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or

The Qualified Business Income Deduction reduces taxable income, not adjusted gross income (AGI).

• Home mortgage interest paid that is acquisition debt, subject to limitations. • Mortgage insurance premiums, subject to limitations.

Reduce each casualty and theft loss event by $100. If multiple pieces of property are damaged in a single event, a single $100 reduction applies.

A business plan is a written document created to detail all aspects of a business on a comprehensive level. Many banks and investors require a written

If you were born in 1954 or earlier, you are eligible for full Social Security benefits in 2021. The following chart will guide you in determining your full

If you spend significant time in activities related to real estate you may qualify as a “real estate professional,” which can provide tax benefits.

An employee nearing retirement may face a dilemma when it comes to choosing his or her pension. Pension options from a defined benefit retirement plan