News

Adopting a child? You know there can be many steep expenses. Fortunately, there may be valuable tax breaks for parents. Here are the relevant amounts for 2024 and 2025.

Inflation has slowed down considerably in the last couple of years. What does this mean for your federal tax bill? Here are the inflation-adjusted amounts for several provisions in 2025, compared to 2024.

How does your federal tax bill affect Medicare insurance premiums? How much will monthly Medicare premiums be in 2025? Here are the answers to those and other questions.

In 2024, if you pay a household worker cash wages of $2,700 or more, you must withhold and pay Social Security and Medicare taxes. What will this threshold be in 2025?

You want to unlock the best possible tax results when exercising employer-issued nonqualified stock options.

Are you thinking about buying a new exterior door or rooftop solar panels? How about an electric vehicle? You may want to act soon because President-Elect Donald Trump has pledged to terminate a law providing valuable tax credits for these and other energy-saving purchases.

When can individual taxpayers deduct vehicle-related expenses? And how much can they deduct? Here are the amounts for 2024.

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications.

Transforming your hobby into a business can impact your taxes, especially if the activity loses money for some time. Here’s how you may be able to rightfully deduct losses.

College costs have gone up sharply in the past few decades, so starting to save early is a smart move. One option is to invest in a tax-advantaged 529 plan.

Taking proactive steps now could help reduce your tax liability for 2024 and 2025. Here are some considerations.

When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.

You may be able to collect federal-income-tax-free income and gains in several different ways. Here are six of them.

Interested in buying a plug-in electric vehicle? You may be eligible for a valuable federal tax credit. Here are the rules.

For some employees who work remotely, the financial reality can be taxing. Here’s what to expect if you have a job but you don’t go to a physical office.

“Innocent spouse” relief may be available to a taxpayer who unfairly receives a tax bill that’s attributed to a spouse’s or ex-spouse’s errors. Here’s a rundown of the relief, along with details of two recent court cases.

Certain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due.

Disability income may or may not be taxable by the federal government. Here are the basic rules.

If you own Series EE bonds, take a look at the issue dates to see if the bonds are no longer earning interest. Here’s how bond interest is taxed.

The federal estate tax exemption is currently $13.61 million, so you may want to think more about saving income taxes for your heirs (rather than worrying about estate taxes).

Getting a divorce can be an agonizing process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are six issues to consider if you’re getting a divorce.

Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.

What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.

The Social Security tax paid by many individuals will continue to go up in future years. Here’s a look at how the tax affects employees, self-employed individuals and employers.

If you’re caring for an elderly relative, you may be entitled to some tax breaks. Here are four of them.