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.
Read MoreBefore 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.
Read MoreIf 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.
Read MoreDoes 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.
Read MoreThere are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
Read MoreMany 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.
Read MoreFor 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.
Read MoreThe 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.
Read MoreIf 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.
Read MoreFamily 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.
Read MoreIf you are resuming student loan payments soon, be aware that interest is deductible for some borrowers subject to certain limits. Here are the rules.
Read MoreHave you heard there’s an enhanced tax credit for making energy-efficient home improvements, beginning this year? Here are the rules.
Read MoreIf 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.
Read MoreWhen 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.
Read MoreDon’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.
Read MoreIf you’re married and don’t earn compensation, you may think you can’t contribute to a retirement plan. But you may be eligible for a spousal IRA. Here are the rules for 2023.
Read MoreSeniors who have Medicare insurance (including supplemental) know that it can be costly to get the desired coverage. If this is your situation, you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return.
Read MoreIn addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it.
Read MoreYou’ve probably heard that you should avoid probate in estate planning. But what does that mean and how is it done?
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