At Prasco & Associates, P.C., we know that an informed client is our best customer and the Internet is a great education resource, with endless amounts of information just a click or two away.
But sometimes it's nice to have help sorting through the virtual noise and clutter, so we've selected a few helpful articles for you to view. Check back often, for all the latest information on ways to manage your business and personal financial needs more effectively.
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There are strict rules for charitable contributions of used motor vehicles, boats, and airplanes that apply to donations valued at over $500. If these rules are not met, a taxpayer cannot claim a charitable deduction. This article explains how the rules work and how taxpayers can verify their donation of a used vehicle, boat, or plane.
If you are a social security beneficiary under full retirement age (currently age 66), an earnings test determines whether your social security retirement benefits will be reduced because you earned more from a job or business than an annual exempt amount.
Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the two-year ownership and use tests for the exclusion were satisfied.
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