4 ideas that may help reduce your 2023 tax bill
If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. Accelerate deductions and/or [...]
Key 2024 inflation-adjusted tax amounts for individuals
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% higher than [...]
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, [...]
What you need to know about restricted stock awards and taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose [...]
Contributing to your employer’s 401(k) plan: How it works
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving [...]
Facing a future emergency? Two new tax provisions may soon provide relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if [...]
The tax implications of renting out a vacation home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the [...]
Are scholarships tax-free or taxable?
Are scholarships tax-free or taxable? With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder [...]
Casualty loss tax deductions may help disaster victims in certain cases
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
What are the tax implications of winning money or valuable prizes?
If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at [...]
