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Tax Advice: Navigating Taxes When Donating Works of Art to Charity

October 5, 2021

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.
Tax Advice: Is a Health Savings Account Right for You?

September 23, 2021

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.
Tax Advice: Will You Owe Tax on Home Sale Profit?

September 15, 2021

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.
Tax Advice: Planning for Year-End Gifts

September 9, 2021

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.
Tax Advice: On Claiming a Casualty Loss Tax Deduction

September 6, 2021

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).
Tax Advice: Tax Consequences of Employer-Provided Life Insurance

August 30, 2021

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.
Tax Advice: On Scholarships Resulting in Taxable Income

August 12, 2021

If your child receives a scholarship, is the amount taxable income? Here are the rules.
Tax Advice: 5 Tax Aspects of a Parent Moving Into a Nursing Home

August 10, 2021

Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.
Tax Advice: Why It May Be Hard to Deduct Interest for Student Debt

July 28, 2021

Student loan interest is deductible for some borrowers subject to certain limits. Find out if you qualify.
Tax Advice: On the Future of "Step-Up" Rules

July 28, 2021

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.
Tax Advice: A Word on Managing Your Own Investment Portfolio

July 18, 2021

Are you an investor or a trader? The difference is important for tax purposes.
Tax Advice: IRS Audits May Be Increasing, So Be Prepared

July 8, 2021

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.
Tax Advice: Nonworking Spouse? Still Contribute to an IRA?

June 29, 2021

Married spouses who don’t work outside the home may still be able to contribute to an IRA. Here are the rules for 2021 for spousal IRAs.
Tax Advice: Seniors May Be Able to Write Off Medicare Premiums

June 25, 2021

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.
Tax Advice: Tax-Favored Ways to Build Up a College Fund

June 16, 2021

Your college savings can go farther with tax-favored vehicles. Here are some options.
Tax Advice: Retiring Soon? 4 Tax Issues You May Face

June 9, 2021

Tax planning is still important after you retire. Check out these tax implications of retirement.
Tax Advice: Planning for the 3.8% Net Investment Income Tax

June 4, 2021

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.
Tax Advice: Advance Tax Credit Payments for Many Parents Start July 15

May 25, 2021

About 39 million households covering 88% of children in the U.S. will begin receiving monthly tax credit payments soon. Here are the details.
Tax Advice: Still Have Questions After Filing Your Tax Return?

May 19, 2021

Congratulations if you filed your 2020 tax return by the May 17 deadline. But you may still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
Tax Advice: Working in the Gig Economy Results in Tax Obligations

May 11, 2021

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.
Tax Advice: Why Upcoming Tax Deadlines Are Crucial

May 11, 2021

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.
Tax Advice: What To Do If You Need More Time?

May 11, 2021

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.
Tax Advice: How to Determine Your "Basis" During a Home Sale

April 20, 2021

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.
Tax Advice: For Those Unemployed in '20, Buying New Health Insurance in '21

April 20, 2021

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.”
Tax Advice: Who Qualifies for "Head of Household" Status?

April 15, 2021

If you qualify to file as a “head of household,” you may pay less tax than if you file your tax return as a “single” individual.

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