Understanding the “step-up in basis” when inheriting assets

Tuesday, June 10, 2025
If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is...... Read More

What tax documents can you safely shred? And which ones should you keep?

Tuesday, June 03, 2025
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the...... Read More

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

Tuesday, May 27, 2025
Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the...... Read More

Discover if you qualify for “head of household” tax filing status

Tuesday, May 20, 2025
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people...... Read More

Deduct a loss from making a personal loan to a relative or friend

Tuesday, May 13, 2025
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making...... Read More

Turning stock downturns into tax advantages

Tuesday, May 06, 2025
Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be...... Read More

Riding the tax break train: Maximizing employee transportation fringe benefits

Tuesday, April 29, 2025
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a...... Read More

The 2024 gift tax return deadline is coming up soon

Tuesday, April 22, 2025
If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in...... Read More

Can I itemize deductions on my tax return?

Tuesday, April 15, 2025
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you...... Read More

Financial relief for families: The benefits of the Child Tax Credit

Tuesday, April 01, 2025
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for...... Read More