Ken Berry is a nationally-known writer and editor specializing in tax, financial and retirement planning issues. During his long career, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals.
Generally, your annual write-off for losses from passive activities is limited to your income from passive activities. In other words, you can’t claim an overall...
Common occurrence: A worker overpays FICA tax due to a change in jobs or other circumstances. It could easily happen to you or someone else in your family. Depending...
With the onset of cold weather in many parts of the country, grandparents of college-bound children may seek some warmth in a smart tax-saving device. Investigate the...
Alimony paid by a taxpayer is deductible while child support is not. Conversely, alimony payments are taxable to the recipient, while amounts paid for child support...
Taxpayers once were able to use losses from real estate, cattle breeding, oil and gas and equipment leasing deals to offset highly taxed income. Then the government...
If you’re a corporate employee, you may not qualify for home office deductions, even though you frequently work from home. Strategy: Have your company rent the...
Suppose your adult child needs a helping hand to launch a new business or buy a home. Give the child a low- or even no- interest loan. As long as you stay within the...
Environmental cleanup costs generally must be capitalized, which means that there’s no current write-off. Strategy: Claim a current deduction for the cost of ...
In the tax world, half a loaf, or at least part of a loaf, is usually better than no loaf at all. This principle applies if you’re selling your principal...
When you travel away from your home on business, you can deduct your gas and related expenses. But you generally can’t write off “commuting” expenses,...
Let’s be clear about this: There is no substitute for accurate record-keeping. The IRS insists on it. But in a pinch, you still might have an ace up your sleeve....
Do you need someone to watch your young kids while you and your spouse work? There are usually several options for double-income couples to consider. Don’t...
