Understanding the tax benefits available to military personnel, veterans, and their families can lead to valuable savings. The IRS offers several provisions tailored specifically to this community:...
Many taxpayers are curious about whether gifting cash, property, or assets triggers any tax obligations. The answer is generally no; however, there are certain limits and exceptions to consider....
What tax deductions, programs, and housing allowances are available to you as a homeowner? Let's explore a few options that the IRS makes available....
For many people in their 50s and 60s, the decision of whether to purchase long-term care insurance is a pressing concern. Yet, despite this, only a small fraction—around 2.3%—of individuals in this age group choose to buy such policies. The long-term care insurance industry has...
Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code....
A premium tax credit is designed to lower the total cost of health insurance plans that are already relatively expensive in the United States....
This post explains why you should follow a tax-saving strategy that considers designating your favorite charity or charities as beneficiaries of all or a portion of your IRAs. Then you can leave other assets to family members and other heirs....
Avoiding taxation should not be the only goal, or even the main goal, of your investment strategy. Still, you always have to keep taxes in mind to make sure you're not unnecessarily sending too much of your money to the government. This post talks about...
One of the most valuable assets a taxpayer will ever sell is their personal residence. Under IRC Section 121 of current tax law, a taxpayer can exclude up to $250,000 ($500,000 if married, filing jointly) of gain realized on the sale or exchange of a...
If a taxpayer fails to qualify as a real estate professional, losses from rental activities may still be deductible. While real estate professionals are afforded beneficial tax treatment enabling them to deduct losses from their real estate activities, real estate nonprofessionals taxpayers may still benefit....
