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Tax Advice: Can Homebuyers Deduct Seller-Paid Points?

September 14, 2020

In most cases, points a buyer pays in a home sale are a tax deductible interest expense. But what about seller-paid points?
Tax Advice: Back-to-School Tax Breaks on the Books

September 14, 2020

Back to school in the COVID-19 era may mean remote learning for your college student. But parents may be able to take advantage of one of these tax breaks for their education expenses.
Tax Advice: Will You Pay Tax on Your Social Security Benefits?

August 26, 2020

After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.
Tax Advice: So...What Happens If You Can't Pay Taxes?

August 20, 2020

Tax liabilities don’t go away if left unaddressed. Here’s a look at what happens in the event you (or someone you know) can’t pay taxes on time.
Tax Advice: More Parents May Owe "Nanny Tax" This Year

August 20, 2020

Do you have a nanny, housekeeper or other household worker? If you pay him or her cash wages of $2,200 in 2020, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
Tax Advice: Implications of Employer-Provided Life Insurance

August 5, 2020

Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.
Tax Advice: Are Scholarships Tax-Free or Taxable?

July 28, 2020

Scholarships are generally tax-free but there are times when academic awards result in taxable income.
Tax Advice: A Tip for Inheriting Property

July 21, 2020

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
Tax Advice: Make Sure Your Withholding Is Adequate

July 21, 2020

A big tax bill or a large refund may mean you don’t have the correct amount of tax withheld from your paycheck. Here’s how to avoid this next year.
Tax Advice: 3 Issues to Consider After Filing

July 11, 2020

Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
Tax Advice: Some EIPs Require Reimbursement

July 9, 2020

Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the
payments should be returned.
Tax Advice: What's a "Coronavirus-Related Distribution"?

July 1, 2020

If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
Tax Advice: When Selling a Home, Remember Taxes

June 21, 2020

Despite a slowdown in real estate sales this spring, many people are still selling their principal residences You may be able to exclude up to $250,000 ($500,000 for married joint
filers) of gain. Here are the tax rules for home sales.
Tax Advice: Seniors, Can You Deduct Medicare Premiums?

June 16, 2020

If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums,
along with other medical expenses, on your tax return. Here are the rules.
Tax Advice: A Nonworking Spouse Can Still Have an IRA

June 16, 2020

If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.
Tax Advice: Can You Deduct Student Loan Interest on Your Tax Return?

May 27, 2020

The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are
the rules.
Tax Advice: Was Your Economic Impact Payment Less Than Expected?

May 20, 2020

Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.
Tax Advice: You Can Still Make a Deductible IRA Contribution for '19

May 20, 2020

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now
and the extended tax filing deadline and claim the write-off on your 2019 return.
Tax Advice: Tax Q&As Related to COVID-19

May 6, 2020

If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions.
Here are some answers.
Tax Advice: IRA Account Value Down? Consider a Roth Conversion

May 2, 2020

Consider turning a stock market downturn into a tax-saving opportunity by converting a traditional IRA into a Roth IRA.
Tax Advice: Q&As About Economic Impact Payments

April 22, 2020

As the Economic Impact Payments (EIPs) continue to go out, the IRS has released information about why you might not have gotten a payment. There’s also a new tool to check the
status of your EIP.
Tax Advice: IRS Announces More Relief & Details

April 15, 2020

Expecting an Economic Impact Payment from the IRS? The tax agency has made a few new announcements about the financial relief the government is providing.
Tax Advice: Changes in Retirement Plan & Charitable Contribution Rules

April 9, 2020

During the COVID-19 crisis, many people and charitable organizations need cash. The new CARES Act may provide some solutions.
Tax Advice: New Law Offers Relief for Individuals

March 31, 2020

You’ve probably heard about the cash payments the government is sending out due to the coronavirus (COVID-19) pandemic. Do you qualify?
Tax Advice: Get COVID-19 Tax & Other Relief

March 31, 2020

The coronavirus (COVID-19) pandemic has changed life across the country. The IRS and Congress have responded with some tax and financial relief. Here’s a brief rundown of what’s
been provided so far.

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