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Reilly Tax Advisor

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

Oct 22, 2014

Reilly Tax Advisor

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

Sep 24, 2014

Reilly Tax Advisor

You can still save on 2013 taxes - contribute to IRA by April 15

Mar 27, 2014

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years.

Reilly Tax Advisor

Tax Changes You Need to Know for 2014

Mar 10, 2014

Several recent changes in tax law could affect your tax bill or refund in 2014.

Reilly Tax Advisor

Taking tax deductions for 2013 charitable donations? Get proof

Feb 12, 2014

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services.

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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.

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New ‘safe harbor’ for home office tax deduction

Feb 05, 2014

If your use of a home office is for your employer’s benefit or because you’re self-employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space.

Reilly Tax Advisor

To capitalize or deduct? New IRS rules clarify the question

Jan 30, 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.

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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.

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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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