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09 01 20 1154631974 ITB 560x292

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education tax […]

08 18 20 1188221885 ITB 560x292

What happens if an individual can’t pay taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability to pay your tax liability in full keep you from filing a tax return […]

08 04 20 1086626838 ITB 560x292

The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything […]

07 28 20 1197075854 ITB 560x292

Are scholarships tax-free or taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. […]

07 21 20 1149759432 ITB 560x292

Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

07 07 20 1190547795 ITB 560x292

After you file your tax return: 3 issues to consider

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown […]

06 30 20 1208405145 ITB 560x292

Some people are required to return Economic Impact Payments that were sent erroneously

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have […]

06 23 20 1220347201 ITB 560x292

What qualifies as a “coronavirus-related distribution” from a retirement plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible […]

06 16 20 944751292 ITB 560x292

If you’re selling your home, don’t forget about taxes

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news is that home prices are up. The median […]

06 09 20 1126206863 ITB 560x292

Seniors: Can you deduct Medicare premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify […]

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Recent Posts

  • Retiring soon? Recent law changes may have an impact on your retirement savings
  • Didn’t contribute to an IRA last year? There still may be time
  • Did you make donations in 2020? There’s still time to get substantiation
  • 2021 individual taxes: Answers to your questions about limits
  • The power of the tax credit for buying an electric vehicle
  • Don’t forget to take required minimum distributions this year.
  • One reason to file your 2020 tax return early
  • 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

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