News

Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.

Student loan interest is deductible for some borrowers subject to certain limits. Find out if you qualify.

Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.

Are you an investor or a trader? The difference is important for tax purposes.

An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.

Married spouses who don’t work outside the home may still be able to contribute to an IRA. Here are the rules for 2021 for spousal IRAs.

If you have Medicare insurance (including supplemental), you know it can be expensive to get the coverage you want. But you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.

Your college savings can go farther with tax-favored vehicles. Here are some options.

Tax planning is still important after you retire. Check out these tax implications of retirement.

If you’re subject to the 3.8% net investment income tax, you should include it in your tax planning. Here is who the tax applies to and some strategies to minimize it.

About 39 million households covering 88% of children in the U.S. will begin receiving monthly tax credit payments soon. Here are the details.

Congratulations if you filed your 2020 tax return by the May 17 deadline. But you may still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

The pandemic has caused some people to turn to “gig” work to make up for lost income. Here are the tax consequences of taking on these jobs.

The IRS imposes penalties for failing to pay taxes due and failing to file required tax returns. With the May 17 filing deadline coming up, it’s a good time to review the amount of the penalties.

Americans got extra time to file their tax returns this year, but the deadline is looming. Here’s what to do if you’re not ready.

When you sell your home, you’ll pay tax (or avoid it) based on the “basis” of the property. Here’s how to determine yours.

Many tax changes have been enacted recently to help mitigate the financial damage caused by COVID-19. They may affect you if you collected unemployment last year or if you buy health insurance through a “Marketplace.”

If you qualify to file as a “head of household,” you may pay less tax than if you file your tax return as a “single” individual.

Life insurance benefits can help loved ones after your death. But you may want to keep proceeds from a policy out of your taxable estate. Here are some considerations.

Child care is expensive. The newly enhanced child and dependent care credit may help for 2021.

Are you eligible to receive direct payments under the new law that passed on March 11?

Are you required to make estimated tax payments because you don’t pay enough tax in withholding? Here are the rules.

Saving for retirement can help make your future brighter. Recent tax law changes might allow you to save more with your IRA or retirement plan.

Saving now for retirement is one of the best moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2020 tax return.

In order to claim a charitable deduction on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t received one yet for a charitable donation you made in 2020?