tax planning

How to Handle an IRS Audit of Your Tax Return
tax returns

How to Handle an IRS Audit of Your Tax Return

Don't panic! Keys to success include being well prepared, establishing credibility right from the start, and keeping your wits about you.
January 27, 2022
12 States That Tax Social Security Benefits
social security

12 States That Tax Social Security Benefits

You may have dreamed of a tax-free retirement, but if you live in one of these states, your Social Security benefits may be subject to state taxes.
January 27, 2022
12 Questions Retirees Often Get Wrong About Taxes in Retirement
retirement

12 Questions Retirees Often Get Wrong About Taxes in Retirement

You worked hard to build your retirement nest egg. But do you know how to minimize taxes on your savings?
January 21, 2022
14 IRS Audit Red Flags for Retirees
retirement

14 IRS Audit Red Flags for Retirees

Seniors beware: Your actions can increase the chances of the IRS giving your tax return a closer look.
January 21, 2022
Final Estimated Tax Payment For 2021 Is Due Today
tax deadline

Final Estimated Tax Payment For 2021 Is Due Today

The deadline for submitting your fourth and final estimated tax payment for 2021 is here, so get your payments in now.
January 18, 2022

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Your Child Care Tax Credit May Be Bigger on Your 2021 Tax Return
Tax Breaks

Your Child Care Tax Credit May Be Bigger on Your 2021 Tax Return

Many families with young children will get a bigger tax credit for last year's childcare expenses. And more families will qualify for the credit, too.
January 13, 2022
When Are 2021 Estimated Tax Payments Due?
tax deadline

When Are 2021 Estimated Tax Payments Due?

If you're self-employed or don't have taxes withheld from other sources of taxable income, it's up to you to periodically pay the IRS by making estima…
January 12, 2022
23 IRS Audit Red Flags
tax returns

23 IRS Audit Red Flags

These actions and tax positions could increase your chances of the IRS selecting your return for audit.
January 11, 2022
11 Surprising Things That Are Taxable
Tax Breaks

11 Surprising Things That Are Taxable

If you picked up any of the income or property on our list, make sure you declare it on your next tax return.
January 7, 2022
Taxes May Be a Certainty – But the Amount You Pay Doesn’t Have to Be
tax planning

Taxes May Be a Certainty – But the Amount You Pay Doesn’t Have to Be

You do have some control over how much income tax you owe – if you don’t wait until Tax Day to start exploring your options. Take some steps throughou…
January 4, 2022
How the Latest Biden/House Tax Proposal Affects Millionaire Retirees
tax planning

How the Latest Biden/House Tax Proposal Affects Millionaire Retirees

The current version of the Build Back Better plan shouldn’t be that scary for retirees with a net worth of $1 million to $5 million. In fact, there co…
January 4, 2022
Income Tax Brackets for 2022 Are Set
tax brackets

Income Tax Brackets for 2022 Are Set

Although the tax rates didn't change, the tax bracket income ranges for the 2022 tax year are adjusted to account for inflation.
December 29, 2021
Failing to Plan for Taxes Could Mean Planning to Fail in Retirement
tax planning

Failing to Plan for Taxes Could Mean Planning to Fail in Retirement

If the bulk of your retirement savings is in a traditional IRA or 401(k) or other tax-deferred account, you’ve got a problem. The good news is, there …
December 26, 2021
Taxes on Unemployment Benefits: A State-by-State Guide
state tax

Taxes on Unemployment Benefits: A State-by-State Guide

Don't be surprised by an unexpected state tax bill on your unemployment benefits. Know where unemployment compensation is taxable and where it isn't.
December 13, 2021
33 States with No Estate Taxes or Inheritance Taxes
retirement

33 States with No Estate Taxes or Inheritance Taxes

Even with the federal exemption from death taxes raised, retirees should pay more attention to estate taxes and inheritance taxes levied by states.
December 13, 2021
How 10 Types of Retirement Income Get Taxed
retirement

How 10 Types of Retirement Income Get Taxed

When you're planning for retirement, it's fun to contemplate all the travel and rounds of golf ahead of you, but don't forget about taxes.
December 3, 2021
18 States With Scary Death Taxes
inheritance

18 States With Scary Death Taxes

Federal estate taxes are no longer a problem for all but the extremely wealthy, but several states have their own estate taxes and inheritance taxes t…
December 2, 2021
The Biden Tax Plan: How the Build Back Better Act Could Affect Your Tax Bill
Politics

The Biden Tax Plan: How the Build Back Better Act Could Affect Your Tax Bill

Depending on your income, the Build Back Better Act recently passed by the House could boost or cut your future tax bills.
November 22, 2021
19 Believe It or Not Tax Breaks
Tax Breaks

19 Believe It or Not Tax Breaks

Your fellow taxpayers have successfully claimed write-offs for many things that most of us wouldn't even imagine. But be careful if you plan on follow…
November 22, 2021
Year-End Tax Planning Comes with a Twist in 2021
tax planning

Year-End Tax Planning Comes with a Twist in 2021

Some of the most common strategies people use to hold their taxes down are being turned on their ears this year, thanks to possible changes in tax law…
November 21, 2021
The 10 Least Tax-Friendly States for Middle-Class Families
state tax

The 10 Least Tax-Friendly States for Middle-Class Families

It can cost you thousands of dollars each year if you fail to consider state and local taxes before moving your family from one state to another.
November 19, 2021
The 10 Most Tax-Friendly States for Middle-Class Families
state tax

The 10 Most Tax-Friendly States for Middle-Class Families

If you're thinking about changing jobs and moving to a different state, you could save big bucks by relocating to one of these states where the tax bi…
November 19, 2021
Will Our ‘Tax Party’ Soon Be Over? If So, What Happens Next?
tax planning

Will Our ‘Tax Party’ Soon Be Over? If So, What Happens Next?

Higher taxes could be on the way, sooner rather than later. So anyone worried that their estates or their retirement savings could take a big hit shou…
November 17, 2021
19 Nice-Try Tax Breaks Rejected by the IRS
taxes

19 Nice-Try Tax Breaks Rejected by the IRS

Everyone wants to lower their tax bill – but sometimes people try a little too hard.
November 16, 2021
13 States That Tax Social Security Benefits
social security

13 States That Tax Social Security Benefits

You may have dreamed of a tax-free retirement, but if you live in these 13 states, your Social Security benefits are subject to a state tax. That's on…
November 15, 2021
Cryptocurrency and the Wash Sale Rule: A Tax Loophole That May Soon Go Away
capital gains tax

Cryptocurrency and the Wash Sale Rule: A Tax Loophole That May Soon Go Away

For now, cryptocurrency investors don’t have to worry about the wash sale rule. But the days of selling and immediately repurchasing virtual currencie…
November 12, 2021