Articles

If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but exceptions exist. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is taxable.  1. Most gifts are…

                1. What year did you join JNR?  2005 2. Where did you go to college? Clemson University 3. Why did you choose Jarrard, Nowell & Russell?  My two partners and I had worked for large corporations for most of our careers and wanted to do something on our own,…

If you’re a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use this tactic even though minimum distributions are no longer required until age 72. Referred to as…

It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return. Teachers and educators should keep in mind, however,…

The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate effective at the start of the year.  The optional business…