Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax.
As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records. To avoid processing delays that may slow their refund, taxpayers should gather all year-end income documents before filing a 2021 tax return.
We are here for surviving family members when a worker dies. In the event of your death, certain members of your family may be eligible for survivors’ benefits. These include widows and widowers, divorced widows and widowers, children, and dependent parents.
The ABCs of Scholarship Tax Rules Scholarship awards can provide welcome financial relief for families faced with the high cost of higher education. Most parents assume that scholarships are tax-free, but that’s not always the case. Here are the key federal income tax rules for scholarships that you should know before your family cashes in on the student’s windfall.
4 Financial Considerations Before You Downsize Historically, home ownership has usually been a wise investment. That’s especially true in today’s booming real estate market. While the temptation to harvest the gain in your home’s current value and simplify your lifestyle may be strong, it’s important to give your financial assumptions a reality test before downsizing to smaller home.
Section 1031 Exchanges for Real Estate Are More Attractive than Ever Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a “like-kind” exchange. With this tax strategy, you don’t tie up your money. You keep it working for you. This article provides the basic details, including how the rules changed under the Tax Cuts and Jobs Act.
Federal Tax News for Individuals 1. Did You Know there Are 5 Filing Statuses for Federal Tax Returns? 2. IRS Announces 2022 Cost-of-Living Adjustments. 3. Filing Your 2021 Tax Return Can Be Easier with Preparation. 4. Educators: Some Out-of-Pocket Expenses May Be Deductible. 5. Collectible Coin Value Is Included in an IRA Owner’s Income.
Yours, Mine and Ours: Estate Strategies for Second Marriages Remarriage comes with a different set of problems couples need to deal with. The financial and family issues are likely to be different than with a first marriage. So it pays to take some time to work through questions that might arise. This article goes through some points to consider before you take the plunge, or as soon as possible afterwards.
Scholarship awards can provide welcome financial relief for families faced with the high cost of higher education. Most parents assume that scholarships are tax-free, but that’s not always the case. Here are the key federal income tax rules for scholarships that you should know before your family cashes in on the student’s windfall.
Historically, home ownership has usually been a wise investment. That’s especially true in today’s booming real estate market. While the temptation to harvest the gain in your home’s current value and simplify your lifestyle may be strong, it’s important to give your financial assumptions a reality test before downsizing to smaller home.
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a “like-kind” exchange. With this tax strategy, you don’t tie up your money. You keep it working for you. This article provides the basic details, including how the rules changed under the Tax Cuts and Jobs Act.
1. Did You Know there Are 5 Filing Statuses for Federal Tax Returns?
Remarriage comes with a different set of problems couples need to deal with. The financial and family issues are likely to be different than with a first marriage. So it pays to take some time to work through questions that might arise. This article goes through some points to consider before you take the plunge, or as soon as possible afterwards.