When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, ...
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective ...
... joint or separate tax returns. It depends on your individual tax situation. In general, you should choose the filing status that results in the lowest tax. But keep in mind that, if you and your spouse ...
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This ...
... an exception due to disability. The court noted that an individual is considered disabled if, at the time of a withdrawal, he or she is “unable to engage in any substantial gainful activity by reason of ...
... your stock market investments. Tax rates on sales Individuals are subject to tax at a rate as high as 37% on short-term capital gains and ordinary income. But long-term capital gains on most investment ...
... — in 2020 and 2021, $19,500 for designated Roth 401(k) versus $6,000 for Roth IRA. Catch-up contributions for individuals 50 or older are also considerably higher for designated Roth 401(k) contributions ...
... Here’s a rundown of the basic requirements. Sole Proprietorships. You’ll need to file the usual Schedule C, “Profit or Loss from Business,” with your individual return for the year you close the business. ...
... individuals who retire early and need to draw cash from their traditional IRAs to supplement other income. Naming beneficiaries. The decision concerning who you want to designate as the beneficiary of ...
... to two states: State 1 has no individualincome tax, and State 2 has a flat 5% individual income tax rate. At first glance, State 1 might appear to be much less expensive from a tax perspective. What happens ...
Under the Tax Cuts and Jobs Act (TCJA), individualincome tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes ...
... would cap the property tax deduction for individuals at $10,000. The initial version of the Senate tax bill would eliminate the property tax deduction for individuals altogether. In addition, tax rates ...
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but ...
... foreign entities Completing individual U.S. income tax returns for nonresident/resident aliens and U.S. citizens residing in Mexico and other foreign countries Assessing the impact of tax treaties ...