The cost of college has risen steeply in recent years so families are wise to begin saving early. Here’s how 529 plans can help you save on a tax-advantaged basis.
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There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules.
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Do your children have investment income? They may owe “kiddie tax.” Here are the basic rules.
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Many people are thinking about buying electric vehicles because of their advanced technology, high gas prices and the fact there are more models available today. Along with factors like acceleration and the battery range, check out the federal tax break that may be available.
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In some cases, disability income is taxable by the federal government. In other cases, it isn’t. Here are the rules.
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Rather than keeping track of your actual vehicle-related expenses, you may be able to use a standard mileage rate to compute certain tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses and what are the amounts for 2022?
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If you’re getting a divorce, you know it can be a difficult process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are five issues to consider.
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With the federal estate tax exemption currently so large, you may want to devote more time to saving income taxes for your heirs.
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Some people are under the misconception that Social Security benefits are always free from federal income tax. So they may be surprised to learn that benefits may be taxed in retirement. Here are the rules.
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If the value of your portfolio is down, you may want to turn the stock market downturn into a tax-saving opportunity. How? By converting a traditional IRA into a Roth IRA.
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Do you own Series EE bonds? Take a look at the issue dates to see if the bonds are no longer earning interest. Here’s some information about how bond interest is taxed.
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You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.
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There are certain requirements if you donate valuable assets to charity. The penalty for failing to follow the rules is generally denial of the charitable deduction. Here are the requirements for obtaining an appraisal.
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Coin collecting, photography, painting, writing, horse breeding and crafts are just some of the hobbies that taxpayers turn into businesses. Can they deduct the losses they incur on their tax returns?
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It’s home selling (and buying) season. What are the tax consequences if you buy another home but decide to keep your current home and rent it out?
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Once your 2021 tax return has been filed, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.
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Selling mutual fund shares involves many complex factors. Here are the basic rules.
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If you can’t file by the April 18 tax deadline, here’s what you should do to avoid steep penalties.
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A vacation home is more than just a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.
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For the most part, property you inherit isn’t included in your income for tax purposes. However, certain items may have to be included in your income, although you may also be entitled to a deduction on account of them.
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