If you’re getting a divorce, you know it can be a difficult process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are five issues to consider.
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With the federal estate tax exemption currently so large, you may want to devote more time to saving income taxes for your heirs.
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Some people are under the misconception that Social Security benefits are always free from federal income tax. So they may be surprised to learn that benefits may be taxed in retirement. Here are the rules.
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If the value of your portfolio is down, you may want to turn the stock market downturn into a tax-saving opportunity. How? By converting a traditional IRA into a Roth IRA.
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Do you own Series EE bonds? Take a look at the issue dates to see if the bonds are no longer earning interest. Here’s some information about how bond interest is taxed.
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You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.
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There are certain requirements if you donate valuable assets to charity. The penalty for failing to follow the rules is generally denial of the charitable deduction. Here are the requirements for obtaining an appraisal.
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Coin collecting, photography, painting, writing, horse breeding and crafts are just some of the hobbies that taxpayers turn into businesses. Can they deduct the losses they incur on their tax returns?
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It’s home selling (and buying) season. What are the tax consequences if you buy another home but decide to keep your current home and rent it out?
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Once your 2021 tax return has been filed, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.
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Selling mutual fund shares involves many complex factors. Here are the basic rules.
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If you can’t file by the April 18 tax deadline, here’s what you should do to avoid steep penalties.
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A vacation home is more than just a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.
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For the most part, property you inherit isn’t included in your income for tax purposes. However, certain items may have to be included in your income, although you may also be entitled to a deduction on account of them.
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Most people don’t think about taxes if they lose their jobs but there can be tax implications to a layoff or termination. Here are some of the issues that may occur.
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To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move. And if you qualify, you still have time to contribute to an IRA or SEP and save on your 2021 tax return.
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April 18 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2021 gift tax return this April. (Note: you may want to file one anyway).
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In general, married couples who file jointly save more money on taxes than those who file separate returns. However, there are situations when filing separately is a better option.
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If you’re deducting a charitable contribution on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t yet received a letter for a charitable donation you made in 2021? Here are the rules.
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Traditional or Roth IRA? Here are the differences in these retirement savings accounts.
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