August 6, 2019

Summer & Tax Planning

“Summer is a season when people have fun, yet get things done,” the IRS said in a recent “Tax Tip.” Now that the standard deduction is so high, fewer taxpayers itemize deductions. But if you do, here’s a brief look at topics to keep in mind when planning this summer. State and local taxes are still deductible, but limited. Buying or refinancing a home may have tax implications you need to be aware of. Donating to qualified charities is still tax deductible for itemizers, but proof of donations is required, and miles driven for charity must also be tracked. If you won money gambling, the IRS has tax advice for you. For more details on each topic: