Newsletter/Blog — Jones & Kolb

Married couples filing separate tax returns: Why would they do it?

In general, married couples who file jointly save more money on taxes than those who file separate returns. However, there are situations when filing separately is a better option.

Individual TaxationDebbie HarryFebruary 15, 2022

Did you give to charity in 2021? Make sure you have substantiation

If you’re deducting a charitable contribution on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t yet received a letter for a charitable donation you made in 2021? Here are the rules.

Individual TaxationDebbie HarryFebruary 8, 2022

The Ins and Outs of IRAs

Traditional or Roth IRA? Here are the differences in these retirement savings accounts.

Individual TaxationDebbie HarryFebruary 1, 2022

Smooth sailing: Tips to speed processing and avoid hassles this tax season

Help speed processing and avoid hassles this tax season with these tips.

Individual TaxationDebbie HarryFebruary 1, 2022

Help safeguard your personal information by filing your 2021 tax return early

Want to get your tax return sooner and protect yourself from tax identity theft? File your tax return early

Individual TaxationDebbie HarryJanuary 19, 2022

Are you eligible for a medical expense tax deduction?

One of your new year’s resolutions may be to take better care of your health. But can you deduct your out-of-pocket medical costs on your tax return?

Individual TaxationDebbie HarryJanuary 6, 2022

How are court awards and out-of-court settlements taxed?

If you’re going to receive a personal injury or discrimination settlement or award, you want the best tax result possible. Here are the basic rules of when amounts are tax free or taxable.

Individual TaxationDebbie HarryDecember 9, 2021

With year-end approaching, 3 ideas that my help cut your tax bill

Before you know it, we’ll be ringing in 2022. You may still have time to reduce your 2021 federal tax liability by taking these steps.

Individual TaxationDebbie HarryDecember 1, 2021

New digital asset reporting requirements will be imposed in coming years

Buried in the infrastructure law that was just enacted is a change in the way cryptocurrency transactions are reported to the IRS.

Individual TaxationDebbie HarryNovember 29, 2021

Remember to use up your flexible spending account money

If you have a flexible spending account, you may want to schedule a trip to the dentist, buy new eyeglasses or have elective medical procedures performed. Here’s why.

Individual TaxationDebbie HarryNovember 16, 2021

Potential tax law changes hang over year-end tax planning for individuals

If you’re concerned about your 2021 tax liability, consider these year-end tax planning strategies.

Individual TaxationDebbie HarryNovember 10, 2021

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

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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.