DuvallWheeler, LLP

 

2017 – 09/14

Taxpayers can sometimes deduct bona fide bad debts on their taxes for the year a debt becomes worthless. One taxpayer advanced more than $80 million to a biotech firm over several years, but failed to secure promissory notes, collect interest or seek repayment. Some debt was exchanged for equity in

Save more for college through the tax advantages of a 529 savings plan

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Tax-deferred compoun

Want to help your child (or grandchild) buy a home? Don’t wait!

  Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help: […

Now’s a great time to purge old tax records

Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your 2016 tax records for now, it’s a great time to take a […]

Claiming a federal tax deduction for moving costs

  Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that […]