Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would Read more
Big changes for individual income tax returns this year
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. Yes, individual income tax rates have decreased. But the Tax Cuts and Jobs Act (TCJA) has also Read more
There’s still time to get substantiation for 2018 donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t Read more
A review of significant TCJA provisions impacting individuals
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA) Read more
Year-end tax and financial to-do list for individuals
With the dawn of 2019 on the near horizon, there are many items that you need to take care of before the end of 2018. here’s a quick list of tax and financial to-dos you should address before the end of the year. Read more
Donate appreciated stock for twice the tax benefits
A tried-and-true year-end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an Read more
529 plans offer two tax-advantaged education funding options
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better Read more
Why the kiddie tax is more dangerous than ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such Read more
What you can deduct when you volunteer
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also Read more
Factor in state and local taxes when deciding where to retire
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision, because the total cost of state income taxes, local Read more