Tax tips for farmers

Farms include ranches, ranges and orchards. Some raise livestock, poultry, or fish and others grow fruits or vegetables. Individuals report their farm income on Schedule F (“Profit or Loss From Farming”). If you own a farm, here are nine…

Tax rules for gamblers

If you’ve done some gambling, you may need to know about the applicable federal income tax rules. They can be summarized as follows. You must report 100% of your wagering winnings as taxable income on your Form 1040. The value of complimentary…

Donating a life insurance policy to charity

A number of charities now ask their donors to consider donating life insurance policies rather than (or in addition to) cash in order to make substantially larger gifts than would otherwise be possible. The advantage to donors is that they can…

2015 HSA amounts

Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small to medium-size companies. The tax benefits of HSAs are quite…