Changes to Retirement Plans for 2022
Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]
With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may [...]
Factor in Taxes If You’re Relocating to Another State in Retirement
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more [...]
Be Careful When Saving for Your Childs’ Education
Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later. [...]
How Much Does the IRS Let Delinquent Taxpayers Live On?
The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for [...]
Tax Depreciation Rules for Business Automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]
The Tax Score of Winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the [...]
ABLE Accounts May Help Disabled or Blind Family Members
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re [...]
Lowdown on Federal Tax Proposals for Individuals and Businesses
The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]
Six Education Tax Breaks on the Books
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. Can [...]
Vacation Home: How Is Your Tax Bill Affected If You Rent It Out?
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can [...]
Do Not Take Tax Chances on Gambling
At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk [...]
Planning for Year-End Gifts With the Gift Tax Annual Exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the [...]
You Can Only Claim A Casualty Loss Tax Deduction in Certain Situations
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
Scholarships Are Usually Tax Free But May Result in Taxable Income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, [...]