The basis of an asset is very important because it’s used to calculate deductions for depreciation, casualties, and depletion, as well as gains or losses on the disposition of that asset. We explain in this week’s Tax Tip.
Have deferred compensation? Do you know when it is subject to income tax? Find out in this week’s Tax Tip.
Like many investment products, tax-deferred fixed annuities have both advantages and disadvantages. We explain in this week’s Tax Tip.
If you received a federal tax benefit from deducting state and local taxes as an itemized deduction in a prior taxable year and you recover all or a portion of those taxes in the current taxable year, you may need to include a portion of the recovery in gross income. We explain in this week’s Tax Tip.