New option for unused funds in a 529 college savings plan

Tuesday, April 23, 2024
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred....... Read More

Filing jointly or separately as a married couple: What’s the difference?

Tuesday, April 16, 2024
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and...... Read More

IRAs: Build a tax-favored retirement nest egg

Tuesday, April 09, 2024
Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022,...... Read More

Gave to charity in 2023? Check for substantiation

Tuesday, April 02, 2024
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a...... Read More

The “nanny tax” must be paid for nannies and other household workers

Tuesday, March 26, 2024
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or...... Read More

The kiddie tax could affect your children until they’re young adults

Tuesday, March 19, 2024
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much...... Read More

It’s possible (but not easy) to claim a medical expense tax deduction

Tuesday, March 12, 2024
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your...... Read More

Don’t overlook taxes when contemplating a move to another state

Tuesday, March 05, 2024
When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t...... Read More

Court awards and settlements may (or may not) be taxed

Tuesday, February 27, 2024
Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some...... Read More

Answers to your tax season questions

Tuesday, February 20, 2024
The IRS announced/opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns.Here are answers to seven...... Read More