Selling a Home: Will You Owe Tax on the Profit?
If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.
Planning for Year-end Gifts with the Tax Annual Exclusion
There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.
You Can Only Claim a Casualty Loss Tax Deduction In Certain Situations
The rules for deducting personal casualty losses on a tax return have changed through 2025. However, you may still be able to claim a deduction if an event qualifies as a federally declared disaster (and several have this summer).
Getting a Divorce? Be Aware of Tax Implications if You Own a Business.
Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here are some of the issues involved.
ABLE Accounts May Help Disabled or Bling Family Members
Do you have a disabled family member that you’d like to help out financially but you don’t want them to lose eligibility for their government benefits? You may be able to use a tax-advantaged ABLE account.
Scholarships Are Usually Tax Free But They May Result in Taxable Income
If your child receives a scholarship, is the amount taxable income? Here are the rules.
5 Possible Tax Aspects of a Parent Moving Into a Nursing Home
Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.
The Deductibility of Corporate Expenses Covered By Officers or Shareholders
If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.
There’s Currently a “Stepped-up Basis” If You Inherit Property – But Will It Last?
Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses? It Depends.
Are you an investor or a trader? The difference is important for tax purposes.