Donations to qualified charities are eligible for a deduction as well. Cash and check donations are deductible and full, and most gifts of property are also deductible up to their fair market value. The key to claiming charitable deductions is to make sure you get the appropriate acknowledgment from the charity that you made the gift, because you'll need that documentation in order to support your deduction in case you're audited.
Finally, a few aspects of gift and estate tax planning will see some changes in 2019. The federal estate tax lifetime exclusion amount will rise to $11.58 million in 2020, up from $11.4 million in 2019. However, annual gift tax exclusion amounts of $15,000 remain in place and unchanged for 2020, and the traditional exemptions from gift and estate tax -- including transfers to spouses and charities as well as amounts paid toward educational or medical costs -- are also still available.
In addition to these base amounts, those who are 65 or older or are blind get to take additional amounts as a standard deduction. For those who are married, the added amount is $1,300, while singles get to add $1,650. These added amounts are the same for 2020 as they were in 2019. If you're 65 or older and blind, then you can boost your standard deduction by double the relevant amount. Moreover, for joint filers, each spouse has an opportunity to get these added amounts. So married couples in which both spouses are over 65 and are blind would see their standard deduction increase by $5,200 -- or $1,300 times four.
Health savings accounts are available to those who have high-deductible health insurance coverage and who want to set money aside to cover healthcare costs. Contribution amounts of up to $3,550 for those with self-only policies or $7,100 for family policies apply in 2020, with minimum annual deductibles of $1,400 or $2,800 respectively required to qualify for high-deductible health plan status. Catch-up contributions of $1,000 are available if you're 55 or older, but a qualifying plan must have maximum out-of-pocket expenses of $6,900 for self-only policies or $13,800 for family coverage.
For example, if an investor in a 25% tax bracket had $10,000 in long-term capital gains, there would be a tax liability of $1,500. If the same investor sold underperforming investments carrying $10,000 in long-term capital losses, the losses would offset the gains, resulting in a tax liability of 0. If the same losing investment were brought back, then a minimum of 30 days would have to pass to avoid incurring a wash sale. 

By 1880, the modern profession of accounting was fully formed and recognized by the Institute of Chartered Accountants in England and Wales. This institute created many of the systems by which accountants practice today. The formation of the institute occurred in large part due to the Industrial Revolution. Merchants not only needed to track their records but sought to avoid bankruptcy as well.
There are tax credits for college expenses, for saving for retirement, for adopting children, and for childcare expenses, you might pay so you can go to work. The Child Tax Credit is worth up to $2,000 for each of your children under age 17 subject to income restrictions, and the Earned Income Credit (EITC) can put some money back into the pockets of lower-income taxpayers. 
Finally, a few aspects of gift and estate tax planning will see some changes in 2019. The federal estate tax lifetime exclusion amount will rise to $11.58 million in 2020, up from $11.4 million in 2019. However, annual gift tax exclusion amounts of $15,000 remain in place and unchanged for 2020, and the traditional exemptions from gift and estate tax -- including transfers to spouses and charities as well as amounts paid toward educational or medical costs -- are also still available.
Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP).[7] GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.[1]
An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally acceptable accounting principle (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally acceptable accounting principles (GAAP) has not been consistently observed.[39]
Tax Return Access: Included with all TurboTax Deluxe, Premier, Self-Employed, TurboTax Live or prior year PLUS benefits customers and access to up to the prior seven years of tax returns we have on file for you is available through 12/31/2021. Also included with TurboTax Free Edition after filing your 2019 tax return. Terms and conditions may vary and are subject to change without notice.
Tax gain-loss harvesting is another form of tax planning or management relating to investments. It is helpful because it can use a portfolio's losses to offset overall capital gains. According to the IRS, short and long-term capital losses must first be used to offset capital gains of the same type. In other words, long-term losses offset long-term gains before offsetting short-term gains. As of 2018, short-term capital gains, or earnings from assets owned for less than one year, are taxed at ordinary income rates. 

Goodwill is an intangible asset that arises when one company purchases another for an amount greater than the value of its assets acquired after accounting for the liabilities assumed. Examples of goodwill include an outstanding management team or a reputation for exceptional customer service. These things are by nature nearly impossible to quantify, though through the acquisition process it is possible to put a monetary value on them by considering the true value of the company including all tangible assets and net of any liabilities.
Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.[42] U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company. Corporate and personal income are taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each additional dollar of income) and average rates (set as a percentage of overall income).[42]
Tax credits are credited to your IRS as payments, just as though you had written the IRS a check for money owed. Most of them can only reduce your tax debt, but the EITC can result in the IRS issuing a tax refund for any balance left over after your tax obligation has been reduced to zero. Again, income restrictions apply. You won't qualify for this tax credit if you earn too much.

Periodic Planning – Tax planning can either be of short or longer period of time, if done for less than 12 months, is known as shorter period planning, whereas planning done for more than 12 months is known as longer period planning. For example, there are short term and long-term capital gains taxes depending upon the holding period of assets/investments.
While basic accounting functions can be handled by a bookkeeper, advanced accounting is typically handled by qualified accountants who possess designations such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA) in the United States.  In Canada, the three legacy designations—the Chartered Accountant (CA), Certified General Accountant (CGA), and Certified Management Accountant (CMA)—have been unified under the Chartered Professional Accountant (CPA) designation.
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