Did you know that interest from U.S. savings bonds is taxed at the federal level but not at the state or local levels? Here’s a look at the tax implications of investing in savings bonds.
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Adopting a child? You know there can be many steep expenses. Fortunately, there may be valuable tax breaks for parents. Here are the relevant amounts for 2024 and 2025.
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How does your federal tax bill affect Medicare insurance premiums? How much will monthly Medicare premiums be in 2025? Here are the answers to those and other questions.
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Inflation has slowed down considerably in the last couple of years. What does this mean for your federal tax bill? Here are the inflation-adjusted amounts for several provisions in 2025, compared to 2024.
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Are you thinking about buying a new exterior door or rooftop solar panels? How about an electric vehicle? You may want to act soon because President-Elect Donald Trump has pledged to terminate a law providing valuable tax credits for these and other energy-saving purchases.
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Before you know it, 2024 will be here. But until then, there may still be time to reduce your 2023 federal tax liability by taking these steps.
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If you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do. Here are 11 exceptions to the penalty.
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Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.
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There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
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Many employers offer Health Savings Accounts to their workers. You may also be able to open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules.
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For some investors, 2023 has been a wild ride in the stock market. How will that affect your 2023 tax bill? Here’s how to determine the tax impact.
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The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat.
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If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.
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Family members often want to help disabled loved ones financially but don’t want them to lose eligibility for their government benefits. A tax-advantaged ABLE account may be the answer.
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If you are resuming student loan payments soon, be aware that interest is deductible for some borrowers subject to certain limits. Here are the rules.
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Have you heard there’s an enhanced tax credit for making energy-efficient home improvements, beginning this year? Here are the rules.
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If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings. Here are the rules of the road.
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When planning your estate or inheriting assets, it’s essential to understand the “step-up” basis rules. They can affect the taxes due on the sale of the assets.
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Don’t panic if you get a letter from the IRS telling you your tax return is being audited. In many cases, the IRS completes audits after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help survive an audit.
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