If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage.

As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential profit (or loss) from a sale, but also about the tax consequences.

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. So it’s a good idea to use up as much of your annual limits as possible. Have you maxed out your 2015 limits?

With increasing frequency our firm consults with foreign individuals (in U.S. tax law parlance, Non-Resident Aliens or NRA’s, aka foreign nationals) who are considering immigration to the United States.  Many of these NRA’s are wealthy and hold significant businesses, income-producing real estate, and liquid assets, in addition to their residence in their foreign country.

When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction:

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.

Another tax year end is upon us. It’s time to turn our attention to possible strategies that could reduce business, individual and other taxes for 2015.

With the growing costs of utilities, more families and business owners are turning to renewable energy alternatives. There are many benefits to using renewable energy such as the long term savings, less maintenance, decreasing your carbon footprint, and even possibly saving money on your taxes!  

Nevada, historically known for its lack of state income taxes, has enacted a new gross receipts tax that may impact in-state and out-of-state businesses doing business within Nevada.

With Congress returning from its August recess, tax-savvy Americans want to know when Congress will pass “tax extender” legislation to revive expired tax breaks for 2015. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in effect. Unfortunately, Congress often waits until the last minute to do so.