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Tax Advice: Remember Income Tax Planning in Your Estate Plan

June 16, 2022

With the federal estate tax exemption currently so large, you may want to devote more time to saving income taxes for your heirs.
Tax Advice: Must You Pay Tax on Social Security Benefits?

June 7, 2022

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.
Tax Advice: Is It a Good Time for a Roth Conversion?

June 6, 2022

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.
Tax Advice: The Ins & Outs of Series EE Savings Bond Taxation

May 30, 2022

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.
Tax Advice: Caring for an Elderly Relative?

May 30, 2022

You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.
Tax Advice: About IRA Charitable Donations

May 24, 2022

Here’s a strategy for older taxpayers who are philanthropically inclined and also take distributions from their traditional IRAs.
Tax Advice: Valuable Gifts to Charity May Require Appraisal

May 16, 2022

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.
Tax Advice: Want to Turn a Hobby into a Business?

April 26, 2022

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?
Infographic: The Cost of Buying/Improving Your Home & Taxes

April 25, 2022

When you sell a principal residence that has appreciated in value, you generally can exclude $250,000 ($500,000 for married couples) of the gain from tax. But many homes sell at a much higher profit, which is why you should keep track of your "basis."
Tax Advice: On Converting Your Home into a Rental

April 25, 2022

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?
Tax Advice: What to Do After Filing Your Tax Return

April 25, 2022

If your 2021 tax return has been filed by tax day, 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.
Tax Advice: On the Tax Implications of Selling Mutual Fund Shares

April 5, 2022

Selling mutual fund shares involves many complex factors. Here are the basic rules.
Tax Advice: If You're Not Ready, FIle for an Extension

March 29, 2022

If you can’t file by the April 18 tax deadline, here’s what you should do to avoid steep penalties.
Tax Advice: The Rules of Renting Out a Vacation Property

March 25, 2022

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.
Tax Advice: Inheriting? Be Aware of "Income in Respect of a Decedent"

March 15, 2022

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.
Tax Advice: Lost Your Job? Mind Termination Tax Implications

March 15, 2022

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.
Tax Advice: Still Time to Cut My Tax Bill With an IRA?

March 8, 2022

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.
Tax Advice: Ready for the '21 Gift Tax Return Deadline?

February 25, 2022

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).
Tax Advice: Have Substantiation for Charitable Donations in 2021

February 20, 2022

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.
Tax Advice: Why Married Couples File Separate Tax Returns

February 20, 2022

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.
Tax Advice: The Ins and Outs of IRAs

February 6, 2022

Traditional or Roth IRA? Here are the differences in these retirement savings accounts.
Tax Advice: Tips to Speed Processing & Avoid Hassles This Tax Season

January 27, 2022

Help speed processing and avoid hassles this tax season with these tips.
Tax Advice: File Your '21 Return Early to Protect Your Personal Info

January 18, 2022

Want to get your tax return sooner and protect yourself from tax identity theft? File your tax return early.
Tax Advice: How Will Revised Tax Limits Affect 2022 Taxes?

January 11, 2022

How much can you contribute to a 401(k) plan for 2022? How much is the standard deduction? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some answers to these and other tax-related questions for 2022.
Tax Advice: Are You Eligible for a Medical Expense Tax Deduction?

January 6, 2022

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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