Latest articles by Kevin McCormally
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How to Handle an IRS Audit of Your Tax Return
tax returns Keys to success in handling an IRS audit include being well prepared, establishing credibility, and keeping your wits about you.
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Most-Overlooked Tax Breaks When Filing Taxes After Divorce
Divorce Filing taxes after a divorce can add to an already long list of challenges. But there are some tax breaks that might help ease the transition.
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Most-Overlooked Tax Breaks for Seniors and Retirees
Tax Breaks Unfortunately, seniors over age 65 often miss tax-saving opportunities that are available to them. Don't let that happen to you.
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7 Overlooked Tax Deductions and Credits for the Self-Employed
Tax Breaks If you've recently gone into business for yourself, don't miss these tax breaks for the self-employed.
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The RMD Solution to the Hassle of Filing Estimated Taxes in Retirement
required minimum distributions (RMDs) If you don't need the money to live on, wait until December to take your RMD and ask the sponsor to withhold a big chunk for the IRS.
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Why You Need a Roth IRA
Roth IRAs With this indispensable savings tool, your money grows tax-free, you can invest in almost anything and you get several cool perks.
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4 Back-From-the-Dead Tax Breaks for Your 2019 Return
Tax Breaks There's a handful of tax breaks you may have heard about that keep coming back from the dead like zombies.
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3 Tax Forms That Can Accidentally Raise Your Tax Bill
taxes Protect yourself from accidentally increasing your 2017 taxes by being misled by a member of the 1099 family.
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New Pass-Through Tax Break for Retirement Income
Tax Breaks The new tax law rewards retirees and others running side gigs and small businesses with a 20% tax deduction on qualified business income.
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New Tax Law: Tips for Filing Your 2017 Tax Return
retirement All the hoopla about the tax law signed by President Trump can obscure a sneaky little secret: The rules pertaining to the 2017 tax return you're working on now are almost exactly the same as they were before Congress gave us the biggest tax overhaul in more than 30 years.
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Under the New Tax Law, Is My Alimony Tax-Free?
alimony The new policy goes into effect in 2019. Older divorces can be modified to follow the new rules—if both parties agree.
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How Can I Deduct Home-Equity Interest Under the New Tax Law?
Tax Breaks Still want to tap your home equity and deduct the interest? Options remain.
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Capital Gains and the Kiddie Tax Under the New Tax Law
Tax Breaks Those paying the kiddie tax are in for higher rates that kick in at lower levels — but capital gains are still favored.
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Big Change Afoot for the "Kiddie Tax" Under the New Tax Law
Tax Breaks Though the exemption remains the same, the rates are quite different.
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An Investing Tax Break that Survived Under the New Tax Law
Tax Breaks Forget about deducting management fees and tax-prep costs. But margin interest you still get.
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Gaming the Mortgage Interest Deduction Under the New Tax Law
Tax Breaks The rise in the standard deduction means far fewer people will be deducting mortgage interest.
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Tax Cuts for Now. But What Happens in 2026?
taxes The new rules will be the subject of hot political debate in eight years (or sooner).
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How "Chained" Inflation Will Erode the New Tax Cuts
taxes Lower inflation adjustments mean smaller annual increases in tax brackets, standard deductions and other breaks.
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How the New Tax Law Affects Retirees and Retirement Planning
tax law Tax lawyers, accountants and financial planners are burning the midnight oil trying to figure out all the ins and outs of the new tax law.
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7 Tax Forms That Can Accidentally Increase Your Tax Bill
taxes
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What Investors Need to Know About the New Tax Law
investing Tax lawyers and accountants are burning the midnight oil trying to figure out all the ins and outs of the new tax law.
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26 Ways the New Tax Law Will Affect Your Wallet
Tax Breaks The new year starts with a new tax law affecting every taxpayer in the land.
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10 Things Boomers Must Know About RMDs From IRAs
retirement Members of the Woodstock Generation are increasingly reaching the age at which “the establishment” demands they start unwinding their traditional IRAs and employer-sponsored retirement plans such as 401(k)s.
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Last Call for Deducting Roth IRA Losses?
Roth IRAs A provision tucked into the Senate tax overhaul bill would kill a little-used but potentially valuable write-off. If you’re sitting on a loss in your Roth IRA, you may want to close the account quickly so you can share the pain with Uncle Sam.
