Are you an artist or collector interested in donating artwork to charity? Here are the basic rules to claim a tax deduction for your generosity.
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Whether you win money gambling online, playing at a casino or participating in a sports betting activity, there are tax implications. Here are the basic rules that winners should understand.
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If you’re an employee, you may be able to get a Health Savings Account with your employer. You can also open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules.
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If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.
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There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.
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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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