Taxes

/ Taxes (Page 2)

Planning your estate? Don’t overlook income taxes

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July 10, 2024 ,

estate income tax

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.
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Certain charitable donations allow you to avoid taxable IRA withdrawals

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July 2, 2024 , , , ,

Charitable Required Minimum Distribution

If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD).

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Social Security tax update: How high can it go?

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June 18, 2024

social security tax

Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay.

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The tax consequences of selling mutual funds

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June 16, 2024 ,

sell mutual funds

Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex.

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House rich but cash poor? Consider a reverse mortgage strategy

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June 16, 2024 , , ,

reverse mortgage

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage.

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You may be entitled to tax breaks if caring for an elderly relative

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May 28, 2024 , ,

elder care tax

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them:

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A three-step strategy to save tax when selling appreciated vacant land

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May 21, 2024 ,

land sale

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill.

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When do valuable gifts to charity require an appraisal?

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May 14, 2024 , ,

gift appraisal

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions.

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Pay attention to the tax rules if you turn a hobby into a business

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May 8, 2024 ,

hobby business

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business.
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Taxes when you sell an appreciated vacation home

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April 30, 2024 , , ,

selling vacation home

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home.

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