- Qualified Small Business Stock (QSBS) Tax Rules
Investors holding qualified small business stock (QSBS) may be confused about what the tax rules are but they should know that they can qualify for tax benefits. This can encourage small business investment while providing a benefit for investors. There… read more…
- Do You Get Tax Forms for Your Roth IRA?
As a contributor to a Roth IRA, you’re likely looking forward to a retirement chock full of tax-free income from your account. However, paying income taxes now and eliminating them later doesn’t mean you won’t submit and receive tax forms… read more…
- Are Education Expenses Tax Deductible?
The tax code has changed a lot recently, and there may be some confusion among filers about whether or not education expenses are tax-deductible. Though the standard tuition and fees deduction expired at the end of 2020, you may be… read more…
- How to Reach a Tax Debt Settlement With the IRS
Having a large debt balance is never good but it can be incredibly nerve-wracking when your creditor is the Internal Revenue Service (IRS). Luckily, you may be able to reach a tax debt settlement with the IRS, depending on your personal situation.… read more…
- What Is a Tax-Sheltered Annuity?
When it comes to saving for your retirement, you may have different options depending on where you’re employed. One of those options could be a tax-sheltered annuity (TSA). Here we’ll answer what tax-sheltered annuities are, how they work and how… read more…
- Tax the Rich: Biden to End Trump Tax Cuts on the Wealthy
House Democrats have proposed legislation that could end Trump tax cuts for the wealthy and corporations. If passed, this could implement some of the biggest tax increases in decades. But while these tax changes aim to make good on President… read more…
- Understanding the Unified Credit and Gift Tax Exclusions
Typically, you can expect to pay taxes when you earn your money when you spend your money and even when your money grows. However, you and your loved ones may also be expected to pay taxes on your money when… read more…
- Dependent Care FSA vs. Dependent Care Tax Credit
It’s natural to want the best care for your children and dependents. Fortunately, you can save money on daycare expenses without sacrificing quality. If your employer offers a dependent care FSA plan, your contributions can lower your taxable income. In… read more…
- How CDs Are Taxed: Tax Planning Guide
Since the Federal Reserve has raised its federal funds effective rate to the highest since December 2007, interest rates on various types of loans have also increased. That’s bad news for anyone trying to take out new loans like mortgages or… read more…
- Do I Have to Pay Tax on Inherited Savings Bonds?
Inheriting savings bonds can provide you with an unexpected windfall. However, there’s one important question to ask: Do I have to pay tax on inherited savings bonds? The short answer is yes, you generally will be responsible for taxes owed… read more…
- IRS Substantial Presence Test for U.S. Residents
Many people believe they only have to pay taxes to a foreign government if they are legal citizens or permanent residents, but this isn’t always the case. According to the IRS substantial presence test, workers without U.S. citizenship or permanent… read more…
- Is Long-Term Care Insurance Tax Deductible?
Long-term care insurance can be an important part of planning for the twilight of your life. Despite everyone hoping they’ll be healthy and active until the end of their days, most of us end up needing a bit of help… read more…
- States That Do Not Tax Military Retirement
When deciding where to spend your golden years, it’s crucial for many of us to consider how the taxes of any prospective location will affect the income we’ll be living on. For retired service members, the state you live in… read more…
- Inflation Tax Adjustments For 2024: What You Need to Know
On Tuesday the IRS announced its annual adjustments to the standard deduction and tax brackets for the 2023 tax year. They are a considerable increase over 2022. This is a response to ongoing inflation, which has the effect of eroding… read more…
- The IRS Boosts Standard Deduction by 7% — What It Means For You
In the past year Americans have seen multiple interest rate hikes, a Social Security cost of living adjustment and the introduction of a $740 Billion inflation reduction act. Amid all the government effort being put forth to compensate for the economic… read more…
- What the Marriage Tax Penalty Is and How to Avoid It
Marriage is what brings us together, but along with the matrimonial duties come legal and financial responsibilities. That includes taxes, and more specifically, a potential for a marriage tax penalty. This means that as a married couple you end up… read more…
- Is Assisted Living Tax Deductible?
As people age, it can be more challenging to live by yourself and handle your basic needs. Assisted living facilities and care workers provide additional help for seniors to live independently in a safe environment. Paying for assisted living can… read more…
- How Is Pass-Through Income Taxed?
When you own or invest in a business, you may receive distributions from its profits. Depending on how the business is structured, the company may not have paid taxes on these profits before distributing them to you. These businesses are… read more…
- How Commission Income Is Taxed
Earning a commission income is like the icing on the cake for a job well done. Whether you’re a sales manager that’s just closed a major deal or a real estate agent who’s recently sold a high-end home, your commission… read more…
- Is Private School Tuition Tax-Deductible?
Claiming tax deductions can help to reduce your taxable income for the year. As a parent, there are a number of child-related expenses you might be able to write off to lower your tax liability. But is private school tuition… read more…
- How Day Traders Can Reduce Taxes
Day trading can be a fulfilling and lucrative career. If you know what you’re doing, you can make a serious chunk of change. But with every financial success comes everyone’s favorite consequence: taxes. So how do day traders avoid taxes,… read more…
- How to Avoid Capital Gains Tax on Collectibles
Collecting is a pastime to which a great many people are drawn. The satisfaction of having a complete set of old stamps or unearthing a rare bottle of wine is quite easy to understand. However, a less easy-to-understand aspect of… read more…
- When Are Health Insurance Premiums Tax-Deductible?
Health insurance premiums can be tax-deductible under some circumstances. Taxpayers who itemize may be able to use this deduction to the extent that their total medical and dental expenses, including health insurance premiums, exceed 7.5% of adjusted gross income. Self-employed… read more…
- Are Moving Expenses Tax-Deductible?
When you move from one home to another, these expenses can add up quickly. For many households, moving costs can be thousands of dollars, even if you do most of the work yourself, and hiring a moving company can increase… read more…
- Is Alimony Taxable?
Alimony has two important tax statuses. If you finalized your divorce before Jan. 1, 2019, the person who collects alimony pays taxes on this money. This means that the person who pays alimony can claim a full tax deduction for… read more…