Most people don’t think about taxes if they lose their jobs but there can be tax implications to a layoff or termination. Here are some of the issues that may occur.
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To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move. And if you qualify, you still have time to contribute to an IRA or SEP and save on your 2021 tax return.
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April 18 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 2021 gift tax return this April. (Note: you may want to file one anyway).
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In general, married couples who file jointly save more money on taxes than those who file separate returns. However, there are situations when filing separately is a better option.
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If you’re deducting a charitable contribution on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t yet received a letter for a charitable donation you made in 2021? Here are the rules.
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Traditional or Roth IRA? Here are the differences in these retirement savings accounts.
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Help speed processing and avoid hassles this tax season with these tips.
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Want to get your tax return sooner and protect yourself from tax identity theft? File your tax return early
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One of your new year’s resolutions may be to take better care of your health. But can you deduct your out-of-pocket medical costs on your tax return?
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If you’re going to receive a personal injury or discrimination settlement or award, you want the best tax result possible. Here are the basic rules of when amounts are tax free or taxable.
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Before you know it, we’ll be ringing in 2022. You may still have time to reduce your 2021 federal tax liability by taking these steps.
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Buried in the infrastructure law that was just enacted is a change in the way cryptocurrency transactions are reported to the IRS.
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If you have a flexible spending account, you may want to schedule a trip to the dentist, buy new eyeglasses or have elective medical procedures performed. Here’s why.
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If you’re concerned about your 2021 tax liability, consider these year-end tax planning strategies.
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Feeling generous this year? Here are the basic rules for charitable contributions and gifts to loved ones.
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If you’re fortunate to have an employer offering a 401(k) plan, you may wonder if you should participate. Here are the basic features of these plans.
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In 2021, if you pay a household worker cash wages of $2,300 or more, you must withhold and pay Social Security and Medicare taxes. Learn about what this amount will be for 2022, as well as the tax obligations for household workers.
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A special federal income tax break is available if you rent your vacation home for less than 15 days during the year. Here are the rules.
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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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