Have you been contributing enough to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the recently announced limits for 2021.
Read More
If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.
Read More
It may seem easier to put money into a traditional IRA than it is to take money out. Here are some of the ins and outs of the IRA distribution rules.
Read More
If you become disabled and are fortunate enough to receive disability income, you may have to pay federal tax on it. Here are the basic rules.
Read More
Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.
Read More
Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.
Read More
Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid.
Read More
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.
Read More
Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
Read More
With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
Read More
Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.
Read More
Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
Read More
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.
Read More
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.
Read More
Do you have a nanny, housekeeper or other household worker? If you pay him or her cash wages of $2,200 in 2020, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
Read More
Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.
Read More
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.
Read More
Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
Read More
If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
Read More
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.
Read More