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Reilly Tax Advisor

3 midyear tax planning strategies for individuals

Jul 27, 2017

In the quest to reduce your tax bill, year-end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies.

Reilly Tax Advisor

Deduction for state and local sales tax benefits some taxpayers, but not all

Jan 17, 2017

The federal tax break allowing taxpayers to take a deduction for state and local sales taxes in lieu of state and local income taxes was made permanent a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat.

Reilly Tax Advisor

Executive compensation could be subject to new Medicare or investment taxes

Oct 15, 2015

Your exec comp could be subject to the 0.9% additional Medicare tax or the 3.8% NIIT.

Reilly Tax Advisor

AMT triggers could boost your tax bill if you’re not careful

Oct 22, 2014

Reilly Tax Advisor

Self-employed? Save more by setting up your own retirement plan

Oct 15, 2014

Reilly Tax Advisor

Watch out for the ‘wash sale rule’ when selling securities at a loss

Sep 24, 2014

Reilly Tax Advisor

Three tax traps when donating real estate to charity

May 22, 2014

If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of.

Reilly Tax Advisor

New IRS rules expand ability to deduct property expenses

Feb 05, 2014

New rules regarding capitalization vs. repair of tangible property went into effect on Jan. 1 of this year, and they will significantly benefit certain taxpayers.

Reilly Advisor

The odds you’ll be audited by the IRS rise with your income

Oct 01, 2012

Although the overall individual audit rate by the IRS is about 1.11%, the odds increase dramatically for higher-income taxpayers.

Reilly Advisor

Own a summer rental? Consider tax implications

Jul 06, 2012

If you own a cottage or other property near the water or in the mountains or woods, you will likely have a fun time there during this summer.

But if you rent it out for others to enjoy vacations there as well, just remember there are some tricky tax rules to keep in mind for properties that are used both for personal and rental purposes.

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