When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means [...]
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once you reach a certain age, you must start taking [...]
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available [...]
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If you buy one, you may be eligible for [...]
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, [...]
- Is your withholding adequate? Here’s how to check
- How to avoid the early withdrawal tax penalty on IRA distributions
- The kiddie tax: Does it affect your family?
- Interested in an EV? How to qualify for a powerful tax credit
- Vehicle expenses: Can individual taxpayers deduct them?
- Five tax implications of divorce
- Your estate plan: Don’t forget about income tax planning
- Social Security benefits: Do you have to pay tax on them?
- Is it a good time for a Roth conversion?
- IRA charitable donations: An alternative to taxable required distributions