IRS Provides Simplified Method for Extending Portability Election
The IRS has released a procedure (Rev Proc […]
How to Avoid the Early Withdrawal Tax Penalty on IRA Distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how […]
Does the Kiddie Tax Affect Your Family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of […]
President Biden Signs the Inflation Reduction Act of 2022
On 8/16/22, President Biden signed into law the so-called Inflation Reduction Act of 2022 (H.R. 5376). In a statement earlier, the White House said,
How Disability Income Benefits are Taxed
If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends.
Can Individual Taxpayers Deduct Vehicle Expenses?
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, […]
Five Tax Implications of Divorce
Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to […]
Your Estate Plan: Don’t Forget About Income Tax Planning
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal […]
Do You Have to Pay Tax on Social Security Benefits?
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering […]
