News

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.

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.

Scholarships are generally tax-free but there are times when academic awards result in taxable income.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Consider turning a stock market downturn into a tax-saving opportunity by converting a traditional IRA into a Roth IRA.

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.

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.

During the COVID-19 crisis, many people and charitable organizations need cash. The new CARES Act may provide some solutions.

You’ve probably heard about the cash payments the government is sending out due to the coronavirus (COVID-19) pandemic. Do you qualify?

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.

You bought life insurance to protect your family or other beneficiaries. Here’s how to avoid having the benefits be subject to federal estate tax.

April 15 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 2019
gift tax return this April (or if you may want to file one anyway).

Buying a home and want to know how much of a tax break you’ll get for paying mortgage interest? Here are the rules.

The child tax credit is more valuable than it was a few years ago. In addition, more taxpayers are able to benefit from it. Here are the rules.