News

Tax Advice: Close-up on the New QBI Deduction’s Wage Limit

July 16, 2018

The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income. But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.

Tax Advice: What You Can Deduct When Volunteering

July 11, 2018

You volunteer? That's great! Assuming a charity is qualified, you may be able to deduct some of the out-of-pocket costs you incur when volunteering — but the rules are complex.

White toy house on grass, "Green tax credits"

Tax Advice: Save Tax By Saving Energy

July 6, 2018

If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save.

Vegetable alphabet soup spelling out "Health"

Tax Advice: Know the ABCs of HSAs, FSAs and HRAs

June 26, 2018

“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts that offer tax-advantaged funding of health care expenses. Here’s a quick comparison.

Small plant, "Qualified small business stock"

Tax Advice: Tax Perks of Investing in Qualified Small Business Stock

June 21, 2018

Investing in qualified small business (QSB) stock offers some attractive tax benefits, especially considering that the Tax Cuts and Jobs Act (TCJA) didn’t cut long-term capital gains rates.

Tax Advice: How the TCJA Affects Estate Planning

June 15, 2018

Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax exemption.

Elderly couple on a bench, two bikes sitting next to them

Tax Advice: Consider State & Local Taxes When Moving in Retirement

June 15, 2018

Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.

Person looking at a stock chart on their phone, stock chart in background.

Tax Advice: Saving Tax on Restricted Stock Awards

June 4, 2018

Have you recently been awarded restricted stock or do you expect to be awarded such stock this year? The Section 83(b) election can be beneficial if the income at the grant date is negligible or the stock is likely to appreciate significantly. Here’s why.

Little girl laughing holding a stick with marshmallows on it, children in the background

Tax Advice: Sending Kids to Day Camp May Provide a Tax Break

May 22, 2018

Depending on the situation, summer day camp expenses for your child could save you taxes. Learn whether you might be eligible.

House with a big "Sold" tag hanging from the porch

Tax Advice: Be Aware of Tax Consequences Before Selling Your Home

May 20, 2018

The TCJA preserves the home sale gain exclusion, so if you’re selling your principal residence, you may be able to exclude up to $250,000 ($500,000 for joint filers) of gain. Learn more about the tax treatment of home sales.

Money arrow pointing down, "watch out for underwithholding"

Tax Advice: Do You Need to Adjust Your Withholding?

May 8, 2018

Post-TCJA withholding tables could put you at risk of significantly underwithholding your federal income taxes and being hit with an unexpectedly high tax bill when you file your 2018 tax return next year. Here’s what to do to avoid this outcome.

Young couple discussing finances with a business professional.

Tax Advice: Get Started on '18 Tax Planning Now!

May 1, 2018

If you recently filed your 2017 individual income tax return or filed for an extension, it may seem like some time off from thinking about taxes is in order. But taking such a break could be costly, especially this year.

Woman flipping through filing cabinet full of tax and refund files.

Tax Advice: Tax Record Retention Guidelines for Individuals

April 24, 2018

After having filed your individual income tax return, you may find yourself buried in tax-related documentation. But you might be reluctant to purge for fear of tossing something important. Here are some tax record retention guidelines that can help.

Tax Advice: Important Deadlines for the Rest of '18

April 17, 2018

Today wasn’t the only important tax-related deadline for individuals this year. To avoid interest and penalties, or simply to make the most of tax-saving opportunities, be sure you’re aware of these key dates for the rest of 2018.

Tax Advice: Beware These '17 Income Tax Return Pitfalls

April 10, 2018

The April 17 individual income tax return filing deadline is almost here. If you haven’t filed yet, watch out for these pitfalls.

Clock with a money face next to words "2017 IRA contribution deadline"

Tax Advice: There's Still Time to Make '17 IRA Contributions

April 3, 2018

Have you made your 2017 IRA contributions? Just because we’re in 2018 doesn’t mean it’s too late — but you must act soon.

Woman and her elderly parent looking at a device together

Tax Advice: Can You Claim an Elderly Parent as a Dependent?

April 2, 2018

Today many people provide some financial support to an elderly parent. If you’re among them, you might qualify for a tax break on your 2017 or 2018 return. But the available break depends on the year.

Toy house with piles of coins next to it, a man working on a budget in the background

Tax Advice: Home-Related Tax Breaks Valuable on '17 Returns, Will Be Less for '18

March 20, 2018

Are you a homeowner? Then home-related tax breaks may provide significant savings on your 2017 return. But the tax-saving outlook isn’t as rosy for 2018.

Graphics of a flooded home, home on fire, and tornado hitting a home.

Tax Advice: Casualty Losses May Provide '17 Deduction, But Rules to Tighten

March 15, 2018

A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for certain natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know.

Letter press blocks spelling out "Charity".

Tax Advice: Charitable Deductions, the Tax Cuts & Jobs Act and You

March 6, 2018

December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do
on your 2017 return.

Tax Advice: What’s Your Mileage Deduction?

February 28, 2018

Miles driven for certain purposes can be tax deductible. But the rules are complex. And under the TCJA you may not be able to deduct some types of mileage expenses on your 2018
return that are deductible on your 2017 return.

Pile of cardboard boxes in an empty room.

Tax Advice: Tax Deduction for Moving Costs, 2017 vs. 2018

February 21, 2018

If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.

College students sitting in a library studying.

Tax Advice: Ways Families with College Students May Save on '17 Returns

February 16, 2018

The recently passed Bipartisan Budget Act of 2018 included an extension of the tuition and fees deduction. But that may not be the best higher-education break to claim on your
2017 return.

Illustration of health insurance form, x-ray, calculator, and money

Tax Advice: Medical Expense Deduction Threshold Lowered...for Now

February 6, 2018

The new tax law makes it easier to claim the medical expense deduction on your 2017 tax return. It provides planning opportunities for 2018, too.

Illustrated map of the United States of America.

Tax Advice: State and Local Sales Tax Deduction Remains, But Subject to New Limit

January 31, 2018

The sales tax deduction can be valuable if you reside in a state with no or low income tax or purchased a major item, such as a car or boat. Can it reduce your 2017 tax bill?
Maybe. 2018 savings are more uncertain.

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