Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return.
Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s tax proposals loom.
Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For … Read More
The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing?
Individual Planning Opportunities Did You Collect Unemployment Income This Year? If you did, you should be aware that it is taxable for federal purposes and that most states also tax unemployment benefits. Even if you had … Read More
Estate and Gift Tax Lifetime Exclusion Amount The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally went into effect in 2018. Tax Reform increased the federal estate and gift tax lifetime … Read More
A foreign spouse or as the IRS puts it, a nonresident alien, what is that, you may wonder? In this day and age, with businesses going global and worldwide travel being so easy, it is more and more common to see marriages take place between a U.S. citizen/non-U.S. citizen who is a resident of another country. These marriages trigger significant tax consequences.
If you have lost your job, there are a number of tax issues that you may come across. How you deal with these issues can impact both your taxes and your finances. The following are typical issues you could experience, along with their tax treatment:
Itemized deductions, what are the income limitations? Who qualifies for the standard deduction? Who is not allowed to use the standard deduction? How do I phase-out itemized deductions? All these questions may be running through your … Read More
Nonresident Spouse or as the IRS puts it, a nonresident alien, what is that, you may wonder? In this day and age, with businesses going global and worldwide travel being so easy, it is more and … Read More