Tax News for Individuals
If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: September 15. That's the payment due [...]
Avoiding the 10% Penalty On Early IRA Withdrawals
For one reason or another, you may need to take some money out of an IRA before reaching retirement.* You can withdraw money from an IRA at any time and [...]
What You Need to Know About Taxes and Gig Work
The COVID-19 pandemic has seen an expansion of the so-called "gig economy," also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers [...]
Three Tax Breaks for Small Businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For [...]
Interested in an EV? How to Qualify for a Powerful Tax Credit
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars [...]
The kiddie tax: Does it affect your family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your [...]
Five Tax Implications of Divorce
Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes [...]
Your Estate Plan: Don’t Forget About Income Tax Planning
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much [...]
How Tax Reform Affects Divorce Settlements for Small Business Owners
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — [...]
If You Are Caring for an Elderly Relative, You May Be Eligible for Tax Breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. [...]
IRA Charitable Donations: An Alternative to Taxable Required Distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an [...]
Tax Season Filing Tips
Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you've gathered all 2021 tax documents received, such [...]
Valuable gifts to charity may require an appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right [...]
Thinking About Converting Your Home Into a Rental Property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the [...]
What are the tax implications of selling mutual fund shares?
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million [...]