Getting a divorce can be an agonizing process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are six issues to consider if you’re getting a divorce.
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You may be entitled to tax breaks if caring for an elderly relative
If you’re caring for an elderly relative, you may be entitled to some tax breaks. Here are four of them.
Filing jointly or separately as a married couple: What’s the difference?
Is it better for a married couple to file a joint tax return or file separately? It depends. Here’s a look at the issue.
New option for unused funds in a 529 college savings plan
It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.
Evaluate whether a Health Savings Account is beneficial to you
As health care expenses continue to grow, health savings becomes a larger priority for many individuals. A Health Savings Account can offer a tax favorable way to meet future medical needs.
You may be eligible to use more than one filing status
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re...
A health care power of attorney is an essential element of any estate plan
What happens if illness, injury, or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care or financial affairs? Unless your estate plan addresses these situations, your family may be forced to seek a...
Divorcing couples should understand these 4 tax issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to...
More parents may owe “nanny tax” this year, due to COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including...
Are scholarships tax-free or taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for...
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