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Personal Tax

retirement
Retiring soon? 4 tax issues you may face
6/8/2021
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you...
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tax
Plan ahead for the 3.8% Net Investment Income Tax
6/2/2021
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified...
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parents
Many parents will receive advance tax credit payments beginning July 15
5/25/2021
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15,...
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taxes
Still have questions after you file your tax return?
5/18/2021
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when...
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gig
Working in the gig economy results in tax obligations
5/11/2021
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to...
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tax day
Tax filing deadline is coming up: What to do if you need more time
5/5/2021
“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to...
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time
Why it’s important to meet the tax return filing and payment deadlines
4/27/2021
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay  Separate penalties...
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tax
Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes
4/20/2021
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for...
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Home
Home sales: How to determine your “basis”
4/13/2021
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for...
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child
Who qualifies for “head of household” tax filing status?
4/6/2021
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is...
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insurance
How to ensure life insurance isn’t part of your taxable estate
3/30/2021
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption...
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child care
New law tax break may make child care less expensive
3/23/2021
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that...
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education
Educate yourself about the revised tax benefits for higher education
3/22/2021
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the...
Includes insights from Brian E. Raber
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parents
New law: Parents and other eligible Americans to receive direct payments
3/16/2021
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible...
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tax
Estimated tax payments: The deadline for the first 2021 installment is coming ups
3/12/2021
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive...
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retirement
Retiring soon? Recent law changes may have an impact on your retirement savings
3/3/2021
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts....
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IRA
Didn’t contribute to an IRA last year? There still may be time
2/23/2021
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up...
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donations
Did you make donations in 2020? There’s still time to get substantiation
2/16/2021
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for...
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2021
2021 individual taxes: Answers to your questions about limits
2/9/2021
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an...
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tax credit
The power of the tax credit for buying an electric vehicle
2/2/2021
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to...
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