If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year [...]
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 [...]
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is [...]
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a [...]
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local [...]
- With year-end approaching, 3 ideas that may help cut your tax bill
- New digital asset reporting requirements will be imposed in coming years
- Remember to use up your flexible spending account money
- Feeling generous at year end? Strategies for donating to charity or gifting to loved ones
- Factor in taxes if you’re relocating to another state in retirement
- You may owe “nanny tax” even if you don’t have a nanny
- Vacation home: How is your tax bill affected if you rent it out?
- Navigating the tax landscape when donating works of art to charity
- The tax score of winning
- Is a Health Savings Account right for you?