The rules for deducting personal casualty losses on a tax return have changed through 2025. However, you may still be able to claim a deduction if an event qualifies as a federally declared disaster (and several have this summer).
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Does your employer provide you with group term life insurance? Depending on the amount of coverage, it may add to your tax bill. Here are the rules.
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If your child receives a scholarship, is the amount taxable income? Here are the rules.
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Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.
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Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
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Are you an investor or a trader? The difference is important for tax purposes.
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An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.
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If you have Medicare insurance (including supplemental), you know it can be expensive to get the coverage you want. But you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.
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Tax planning is still important after you retire. Here are some of the tax implications of retirement.
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If you’re subject to the 3.8% net investment income tax, you should include it in your tax planning. Here is who the tax applies to and some strategies to minimize it.
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The pandemic has caused some people to turn to “gig” work to make up for lost income. Here are the tax consequences of taking on these jobs.
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If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, here’s a handy guide.
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Americans got extra time to file their tax returns this year, but the deadline is looming. Here’s what to do if you’re not ready.
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What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the “American Families Plan.”
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The IRS imposes penalties for failing to pay taxes due and failing to file required tax returns. With the May 17 filing deadline coming up, it’s a good time to review the amount of the penalties.
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Many tax changes have been enacted recently to help mitigate the financial damage caused by COVID-19. They may affect you if you collected unemployment last year or if you buy health insurance through a “Marketplace.”
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When you sell your home, you’ll pay tax (or avoid it) based on the “basis” of the property. Here’s how to determine yours.
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Life insurance benefits can help loved ones after your death. But you may want to keep proceeds from a policy out of your taxable estate. Here are some considerations.
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Are you eligible to receive direct payments under the new law that passed on March 11?
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The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has now passed. How can you benefit?
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