If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing [...]
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a [...]
Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If [...]
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]
The limited supply of new and used vehicles, along with other economic factors, has driven up prices in the auto market. The average price of new cars increased by 13% for the year [...]
When unused flexible spending account (FSA) balances are forfeited back to employers under the "use-it-or-lose-it" rule, employers have several options for what they can do with the money. Here is what [...]
There are still ways to earn income that is free from federal income tax. With the various tax changes that have taken effect in recent years, tax-free income opportunities are perhaps [...]
Exchange traded funds (ETFs) are hot. Last year, $507.4 billion flowed into ETFs listed in the United States, according to Statista, a provider of market and consumer data. Net assets held [...]
Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both [...]
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans [...]
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject [...]
Info courtesy of IRS.gov Teachers Can Deduct Out-of-Pocket Classroom Expenses Including COVID-19 Protective Items Fall is here and another school year is in full swing. Many teachers are already [...]
If your company has a qualified retirement plan or you have set one up in self-employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their [...]
Information from IRS.gov The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, [...]