Ong & Company Blog

Deducting Commuting Expenses

Richard Ong / January 13, 2018 /

Tax Deductions

If you commute back and forth to work every day, you typically can't deduct any of your travel costs, such as gas for your car or commuter fares. The IRS says these commuting expenses are ...

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Alimony or Child Support?

Richard Ong / January 05, 2018 /

Tax Deductions

If you are divorced and have young children, there's a good chance that you are paying or receiving alimony or child support (or both) under a divorce decree. What's the difference? The distinction ...

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Retirement Plans Required Distributions

Richard Ong / December 30, 2017 /

Retirement Savings

Once you've retired, you may think you have it made, especially if you've managed to save enough money through IRAs and employer-sponsored plans like 401(k)s. But you still have to meet the tax ...

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After Tax Reform: Charitable Gifts Every Other Year?

Richard Ong / December 17, 2017 /

Tax Deductions

First of all, in the spirit of the season, let me be clear that I am not advocating that you reduce your charitable giving. On the contrary, I would encourage you to continue and even increase your ...

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Holiday Season Tax Planning

Richard Ong / December 09, 2017 /

Tax Deductions

As the year-end holidays approach, add some tax cheer for 2017. In fact, you can still make timely tax moves as late as the last week of the year. Consider these five tax-saving stocking stuffers....

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Itemized Deduction Tax Planning

Richard Ong / December 04, 2017 /

Tax Deductions

Tax reform talk is heating up again as legislators discuss the proposed tax code overhaul. One of the key proposals would repeal most itemized deductions currently on the books. Although enactment is ...

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Installment Sale Tax Trap

Richard Ong / November 26, 2017 /

Are you trying to sell investment or commercial real estate? If you use an installment sale to help sell real estate, you can benefit from tax deferral and possibly lower your overall tax bill. But ...

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Non-Cash Charitable Contributions

Richard Ong / November 19, 2017 /

Tax Deductions

As the holidays approach, you may decide to be extra generous this year by donating property to charity. As long as you observe the strict tax rules in this area, you may still be able to take ...

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Year-End Tax Tips for Individuals

Richard Ong / November 11, 2017 /

Tax Planning

Under the tax reform plan recently announced by the Trump administration, most itemized deductions would be eliminated, except those for charitable donations and mortgage interest....

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Year-End Business Tax Planning Moves

Richard Ong / November 06, 2017 /

Tax Planning

Some tax planning moves for small businesses are more common, like acquiring property that qualifies for the generous Section 179 expensing allowance. But other strategies may fly under the radar. ...

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