By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider.
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Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.
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With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.
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After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.
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Tax liabilities don’t go away if left unaddressed. Here’s a look at what happens in the event you (or someone you know) can’t pay taxes on time.
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Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
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The IRS has been actively releasing various relief efforts in response to the COVID-19 pandemic. Qualified opportunity funds (QOFs) and qualified opportunity zone businesses (QOZBs) were also granted relief for certain compliance deadlines.
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If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
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A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
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The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).
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Despite a slowdown in real estate sales this spring, many people are still selling their principal residences You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.
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A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
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If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.
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The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are the rules.
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April 15 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2019 gift tax return this April (or if you may want to file one anyway).
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Payable-on-death (POD) accounts can be a blessing or a curse to your beneficiaries. Coordinating PODs with your estate plan is critical.
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Buying a home and want to know how much of a tax break you’ll get for paying mortgage interest? Here are the rules.
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If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.
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In most cases, married couples who file jointly save more money on taxes than those who file separate returns. However, there are cases when filing separately is a better option.
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