Newsletter/Blog — Jones & Kolb

Feeling generous at year end? Strategies for donating to charity or gifting loved ones

Feeling generous this year? Here are the basic rules for charitable contributions and gifts to loved ones.

Individual TaxationDebbie HarryNovember 10, 2021

Thinking about participating in your employer's 401(k) plan? Here's how it works.

If you’re fortunate to have an employer offering a 401(k) plan, you may wonder if you should participate. Here are the basic features of these plans.

Individual TaxationDebbie HarryOctober 26, 2021

You may owe "nanny tax" even if you don't have a nanny

In 2021, if you pay a household worker cash wages of $2,300 or more, you must withhold and pay Social Security and Medicare taxes. Learn about what this amount will be for 2022, as well as the tax obligations for household workers.

Individual TaxationDebbie HarryOctober 19, 2021

Vacation home: How is your tax bill affected if you rent it out?

A special federal income tax break is available if you rent your vacation home for less than 15 days during the year. Here are the rules.

Individual TaxationDebbie HarryOctober 12, 2021

Navigating the tax landscape when donating works of art to charity

Are you an artist or collector interested in donating artwork to charity? Here are the basic rules to claim a tax deduction for your generosity.

Individual TaxationDebbie HarryOctober 5, 2021

The tax score of winning

Whether you win money gambling online, playing at a casino or participating in a sports betting activity, there are tax implications. Here are the basic rules that winners should understand.

Individual TaxationDebbie HarrySeptember 30, 2021

Is a Health Savings Account right for you?

If you’re an employee, you may be able to get a Health Savings Account with your employer. You can also open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules.

Individual TaxationDebbie HarrySeptember 21, 2021

Selling a home: Will you owe tax on the profit?

If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.

Individual TaxationDebbie HarrySeptember 15, 2021

Planning for year-end gifts with the gift tax annual exclusion

There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.

Individual TaxationDebbie HarrySeptember 7, 2021

You can only claim a casualty loss tax deduction in certain situations

The rules for deducting personal casualty losses on a tax return have changed through 2025. However, you may still be able to claim a deduction if an event qualifies as a federally declared disaster (and several have this summer).

Individual TaxationDebbie HarryAugust 31, 2021

Does your employer provide life insurance? Here are the tax consequences

Does your employer provide you with group term life insurance? Depending on the amount of coverage, it may add to your tax bill. Here are the rules.

Individual TaxationDebbie HarryAugust 24, 2021

Scholarships are usually tax free but they may result in taxable income

If your child receives a scholarship, is the amount taxable income? Here are the rules.

Individual TaxationDebbie HarryAugust 10, 2021

5 possible tax aspects of a parent moving into a nursing home

Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.

Individual TaxationDebbie HarryAugust 3, 2021

There’s currently a “stepped-up basis” if you inherit property — but will it last?

Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.

Individual TaxationDebbie HarryJuly 21, 2021

Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Are you an investor or a trader? The difference is important for tax purposes.

Individual TaxationDebbie HarryJuly 13, 2021

IRS audits may be increasing, so be prepared

An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.

Individual TaxationDebbie HarryJuly 6, 2021

Seniors may be able to write off Medicare premiums on their tax returns

If you have Medicare insurance (including supplemental), you know it can be expensive to get the coverage you want. But you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.

Individual TaxationDebbie HarryJune 22, 2021

Retiring soon? 4 tax issues you may face

Tax planning is still important after you retire. Here are some of the tax implications of retirement.

Individual TaxationDebbie HarryJune 15, 2021

Plan ahead for the 3.8% Net Investment Income Tax

If you’re subject to the 3.8% net investment income tax, you should include it in your tax planning. Here is who the tax applies to and some strategies to minimize it.

Individual TaxationDebbie HarryJune 1, 2021

Working in the gig economy results in tax obligations

The pandemic has caused some people to turn to “gig” work to make up for lost income. Here are the tax consequences of taking on these jobs.

Individual TaxationDebbie HarryMay 11, 2021

How may we help you?

Whether you’re an individual or a business, Jones and Kolb can help you deal with the challenges you face now and put you in the best position for a great future.