If you save for retirement with an IRA or other retirement plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was Read more
Congress gives a holiday gift in favorable tax provisions
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Read more
What filing status are you eligible to use on your income tax return?
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with Read more
What it takes to deduct medical expense on your tax return
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, Read more
Save for a disabled family member with tax-advantaged ABLE account
There’s a tax-advantaged way for people to save for the needs of family members with disabilities without having them lose eligibility for government benefits to which they’re entitled. It can be done through Read more
Use a Coverdell ESA to help pay for your child’s education
There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for Read more
Getting a divorce? There are tax issues you need to understand
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure taxes are kept to a minimum and important tax-related decisions Read more
Taking distributions from your traditional IRA
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan Read more
“Innocent spouses” may get relief from income tax liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after Read more
You may have to pay income tax on Social Security benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to Read more