A married couple helps their adult child make a downpayment on his first home. A woman pays her aging mother’s hospital bills. An older couple...
Taxes
All Taxes Articles
Second-Home Tax Traps and Opportunities
Owning a second home can create unexpected tax traps as well as tax-saving opportunities, says attorney Timothy B. Borchers, coauthor of the upcoming edition of Saving...
Tax Planning for 2025
Year-end tax planning presents a particular challenge in 2024 because there’s so much uncertainty about what taxes will look like down the road. Most of...
How to Save Tax Documents — Digitizing Is the Answer
So where do you keep all those tax documents? There are several potential solutions—but only one truly makes sense. You could sort through your tax...
How Long Should You Keep Tax Returns?
How long do you keep tax returns and related paperwork? If you look for guidance about recordkeeping from the IRS website, the answer seems straightforward—retain...
States With No Income Tax: Do They Really Cost Less?
Nothing is certain except death and taxes—and even some taxes aren’t certain if you choose the right state. Examples: Alaska, Florida, Nevada, South Dakota, Tennessee,...
Cash Yields and Taxes
Savers reveling in 5% yields on cash in money-market funds got a rude surprise this past April—they owe ordinary income tax on that income…as high...
The Sun Is Setting On Certain Tax Laws
Heads up! Higher taxes are coming, and the clock is ticking if you want to take steps to protect yourself. Many components of the 2017...
US Tax Court Wins and Losses
Every year, hundreds of taxpayers battle the federal government in regional district courts and US Tax Court, an independent judicial authority created by Congress for...
Do I Need a Separate Tax Advisor?
A separate tax advisor can provide tax advice, preparation, and filing services that other financial advisors may not be the best available for.
Hidden Tax Trap in New RMD Rules
New rules postpone the start of required minimum distributions (RMDs) until age 73—but not withdrawing money from traditional IRAs and 401(k)s until then could create...
You Can Dispute Your Property Taxes…and Win
Property tax assessments are generated by computers without a human ever looking at the property—and they often are wrong. What to do if you think...