Taxes

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How are court awards and out-of-court settlements taxed?

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December 7, 2021 , , , , ,

court settlement

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. But here are the basic rules — just in case you or a loved one does need to understand them.

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With year-end approaching, 3 ideas that may help cut your tax bill

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November 30, 2021 , ,

2021 tax cut

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end.

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New digital asset reporting requirements will be imposed in coming years

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November 23, 2021 , , , ,

cryptocurrency

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions.

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Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

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November 9, 2021 , ,

charitable contribution

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions.

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Factor in taxes if you’re relocating to another state in retirement

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November 2, 2021 , ,

relocate

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. Establishing residency for state tax purposes may be more complicated than it initially appears to be.

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Thinking about participating in your employer’s 401(k) plan? Here’s how it works

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October 26, 2021 ,

401k

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features.

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You may owe “nanny tax” even if you don’t have a nanny

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October 24, 2021 , , ,

nanny tax

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.

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Vacation home: How is your tax bill affected if you rent it out?

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October 12, 2021

Vacation Home taxes

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences?

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Navigating the tax landscape when donating works of art to charity

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October 5, 2021 ,

charitable tax deduction

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity.

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