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....
Putting your children on payroll can help reduce the overall family tax bill and transfer assets to your children without introducing gift tax implications. This post explains the things you need to know to make this work for your family and your business....
If you were married this past year, congratulations! Getting married is a big step in your life and along with it comes many changes. One change is filing taxes as a married couple for the first time. This advice can help you get started....
To collect unpaid taxes, the IRS is turning to private companies. The growing backlog of debt has proved too much for the agency, which continues to use four debt collection companies to round up outstanding payments from taxpayers who've been contacted numerous times and still...
Knowing which medical and dental expenses you can deduct on your tax returns can get complicated For starters, your deductions must exceed 7.5 percent of your adjusted gross income. And they have to fall into an IRS-approved category. Here's a summary of which expenses...
