Claiming Losses on Depreciated or Worthless Stock
Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least […]
Awarded Money in a Lawsuit or Settlement? It’s Only Tax-Free in Certain Circumstances
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory […]
There Still May be Time to Make an IRA Contribution for Last Year
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower […]
May 15 Tax Deadline Extended to October 16 for California Disaster Area Taxpayers
As reported in IR-2023-33 on 2/24/2023
Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and […]
Child Tax Credit: The Rules Keep Changing But It’s Still Valuable
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over […]
Answers to Your Questions About 2023 Limits on Individual Taxes
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your […]
Retirement Plan Early Withdrawals: Make Sure You Meet the Requirements to Avoid a Penalty
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s […]
Why You Might Want to File Early and Answers to Other Tax Season Questions
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing […]
Tax-Saving Ways to Help Pay for College – Once Your Child Starts Attending
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years […]
Tax-Wise Ways to Save for College
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage […]
