When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....
Form W-4 used to be a relatively simple and straightforward form to complete. However, the form has been changed as a result of the passing of the TCJA back in late 2017. This post walks you through how to complete your W-4 accurately for the...
When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....
If you're an entrepreneur and you've heard other business owners talking about the qualified business income deduction (also called Section 199A), you're probably asking yourself, “Should I incorporate to help save on taxes?” and “What entity should I select?” This post discusses the factors you need...
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...
If you're self-employed and work out of an office in your home and you satisfy certain strict rules, you will be entitled to favorable "home office" deductions. These deductions against your business income include direct and indirect expenses. Here's what you need to know to...
Deducting expenses for medical and dental care is easier when you know the rules.
If you itemize your deductions for a taxable year on Form 1040, Schedule A Itemized Deductions, you may be able to deduct unreimbursed expenses you paid that year for medical and...
The Tax Cuts and Jobs Act of 2017 expanded the federal estate and gift tax exemption to $11.2 million per person, or $22.4 million for a married couple. Under the Act, these higher limits are applicable through December 31, 2025. On January 1, 2026 the...
Selling a capital asset results in a gain or loss and impacts your income taxes. This post explains what capital gains and losses are, and gives some insights into the tax implications of capital gains and losses....
