Can You Deduct Student Loan Interest on your Tax Return?
The federal student loan “pause” came to an end on August 31 after more than three years. If you have student loan debt, […]
Pocket a Tax Break for Making Energy-Efficient Home Improvements
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making […]
Moving Mom or Dad into a Nursing Home? 5 Potential Tax Implications
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not […]
Retirement Account Catch-Up Contributions Can Add Up
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of […]
Inheriting Stock or Other Assets? You’ll Receive a Favorable “Stepped-up Basis”
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.
That E-mail or Text from the IRS: It’s a Scam!
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come […]
The Best Way to Survive an IRS Audit is to Prepare
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior […]
Are You Married and Not Earning Compensation? Your May be Able to Put Money in an IRA
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable […]
When Can Seniors Deduct Medicare Premiums on Their Tax Returns
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of […]
Reduce the Impact of the 3.8% Net Investment Income Tax
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in […]
