If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the Read more
Get started on 2018 tax planning now!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next Read more
Need an extension for your 2017 taxes? Beware of these pitfalls
The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about Read more
You still have time to make 2017 IRA contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 IRA contributions is April 17, 2018. Deductible Read more
Can you claim your elderly parent as a dependent?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income Read more
Home-related tax deductions may be less valuable in 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax deductions that help support this dream. If you own a home, you may be eligible for Read more
Do you have a deduction for the miles you have driven?
Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you Read more
Two Five-Year Tests for Roth IRA owners
The pros and cons of Roth IRAs, which were introduced 20 years ago, are well understood. All money flowing into a Roth IRA is after-tax, so there is no upfront tax benefit. As a tradeoff, all Read more
State and local sales tax deduction remains, subject to a new limit
Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales Read more
TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical Read more