As we approach year-end, many of us may need to catch up on our charitable contributions for a number of reasons in addition to a tax break. So, let's briefly review the IRS rules on deducting charitable contributions. A donor will not be allowed any deduction for a contribution by cash or check, or … Read More »
Worthless Securities Losses
Taxpayers are allowed a capital loss tax deduction when securities (e.g., common stocks) that are held as capital assets become worthless. The issue of worthlessness can occur where, for example, a taxpayer owns an interest in a small, closely held corporation that is experiencing severe financial … Read More »