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04 24 18 927549052 ITB 560x292

Tax record retention guidelines for individuals

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard.The 3-year and 6-year rulesAt minimum, keep […]

Tax Time 2018

Individual tax calendar: Important deadlines for the remainder of 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, […]

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Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of the IRS. […]

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You still have time to make 2017 IRA contributions

You still have time to make 2017 IRA contributionsTax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial.Don’t lose the opportunityThe […]

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Can you claim your elderly parent as a dependent on your tax return?

Can you claim your elderly parent as a dependent on your tax return?Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for […]

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Casualty losses can provide a 2017 deduction, but rules tighten for 2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the […]

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5 estate planning tips for the sandwich generation

5 estate planning tips for the sandwich generationThe “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses […]

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What’s your mileage deduction?

What’s your mileage deduction?Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to […]

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A joint home purchase can ease estate tax liability

A joint home purchase can ease estate tax liabilityIf you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption […]

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Tax deduction for moving costs: 2017 vs. 2018

Tax deduction for moving costs: 2017 vs. 2018If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad […]

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Recent Posts

  • Educate yourself about the revised tax benefits for higher education
  • The COVID-19 relief law: What’s in it for you?
  • IRS will be making millions of ”economic impact payments”
  • The next estimated tax deadline is January 15 if you have to make a payment
  • Can you qualify for a medical expense tax deduction?
  • Steer clear of the wash sale rule if you’re selling stock by year end
  • Taking distributions from a traditional IRA
  • How Series EE savings bonds are taxed
  • Disability income: How is it taxed?
  • Divorcing couples should understand these 4 tax issues
  • What tax records can you throw away?
  • There may be relief from tax liability for “innocent spouses”
  • Can investors who manage their own portfolios deduct related expenses?
  • Back-to-school tax breaks on the books
  • What happens if an individual can’t pay taxes
  • The tax implications of employer-provided life insurance
  • Are scholarships tax-free or taxable?
  • Take advantage of a “stepped-up basis” when you inherit property
  • After you file your tax return: 3 issues to consider
  • Some people are required to return Economic Impact Payments that were sent erroneously
  • What qualifies as a “coronavirus-related distribution” from a retirement plan?
  • If you’re selling your home, don’t forget about taxes
  • Seniors: Can you deduct Medicare premiums?
  • A nonworking spouse can still have an IRA
  • Did you get an Economic Impact Payment that was less than you expected?

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