7 Tips To Help You Figure Out if Your Gift Is Taxable

If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but exceptions exist. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is taxable.  1. Most gifts are…

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Behind the Scenes with Will Russell, CPA – Partner

1. What year did you join JNR?  2005 2. Where did you go to college? Clemson University 3. Why did you choose Jarrard, Nowell & Russell?  My two partners and I had worked for large corporations for most of our careers and wanted to do something on our own, run our own business, make our own decisions,…

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How to Reduce Your Taxes by Giving to Charity

If you’re a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use this tactic even though minimum distributions are no longer required until age 72. Referred to as…

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Tax Breaks for Teachers and Educators

It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return. Teachers and educators should keep in mind, however,…

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Standard Mileage Rates Increase for Remainder of 2022

The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate effective at the start of the year.  The optional business…

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Dirty Dozen Tax Scams for 2022

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at this year’s “Dirty Dozen” tax scams: 1. Use of Charitable Remainder Annuity Trust (CRAT) to Eliminate Taxable…

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Now Is the Time To Check Your Federal Tax Withholding

Now that tax season is over, it’s time to get the new tax year off to a good start by checking your federal income tax withholding. Taxpayers can do this by using the Tax Withholding Estimator on IRS.gov. Let’s take a look at why using this valuable online tool is a good idea:  The Tax…

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What To Know About Tax-related Identity Theft

Tax-related identity theft occurs when someone uses a taxpayer’s stolen SSN to file a tax return claiming a fraudulent refund. In the vast majority of tax-related identity theft cases, the IRS identifies a suspicious tax return and pulls the suspicious return for review. The IRS then sends a letter to the taxpayer and won’t process…

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What To Do if You Missed the April Tax Deadline

Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven’t filed a 2021 tax return yet, it’s not too late. Here’s what you need to do: First, gather any information related to income and deductions for the tax years for which a return must be…

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Tax Return Tips for Last-minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. If you’ve been procrastinating on filing your tax return this year, here are eight tips that might help. Don’t Delay Resist the temptation to put off your…

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