Recent News & Blog / Individual Tax
IRS delays Roth 401(k) contributions rule for high earners
Recently, there’s been concern over planned changes to rules governing catch-up contributions for 401(k) plans. The changes, which initially were going to be effective in 2024, will require catch-up contributions for higher-income earners to be made on a Roth basis.
Can you deduct student loan interest on your tax return?
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits.
Moving Mom or Dad into a nursing home? 5 potential tax implications
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks.
The best way to survive an IRS audit is to prepare
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them.
Smart strategies to minimize the tax implications of your lottery winnings
In case you have been living under a rock, the Powerball jackpot is nearing record highs, exceeding $1 billion, and an estimated cash value of nearly $517 million.
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.
That email or text from the IRS: It’s a scam!
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.
4 tax challenges you may encounter if you’re retiring soon
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire.
Tax news for investors and users of cryptocurrency
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets.
The tax rules for donating artwork to charity
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules