Tax

tax refund questions

Three Questions You May Have After You File Your Return

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return for…

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Medicare

Seniors: Medicare Premiums Could Lower Your Tax Bill

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If…

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required minimum distributions RMDs age 70 1/2 business person

Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in…

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tax benefits tax tips

March/April 2019 Tax Tips

Exporters, does an IC-DISC still make sense? In recent years, the interest-charge domestic international sales corporation (IC-DISC) has been a popular tax-reduction tool for exporters. Without going into detail, one of the IC-DISC’s most powerful tax-saving tools is its ability to convert ordinary income into qualified dividends taxed at preferential rates. However, by lowering corporate…

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dependent tax credit

Stretch Your College Student’s Spending Money with the Dependent Tax Credit

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as…

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estate planning

Getting Your Affairs in Order When You’re Terminally Ill

If you receive the diagnosis of a terminal illness, likely the last thing on your mind is estate planning. But taking the time now to get your affairs in order can provide you and your family some peace of mind. What to do first Here are some (but by no means all) of the steps…

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gift tax return

The 2018 Gift Tax Return Deadline is Almost Here

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018…

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interest expense

Matters of Interest: When Are Interest Payments Deductible?

The Tax Cuts and Jobs Act (TCJA) has made a significant impact — both directly and indirectly — on the deductibility of interest expense. Here’s a quick review of where things now stand. 5 types of interest Interest expense generally falls within one of five categories: Business interest, Qualified residence interest, Investment interest, Qualified student…

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vehicle-related expenses

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through…

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QOZ

Qualified Opportunity Zones: A Powerful Tax Incentive for Investors

Investors willing to make long-term investments in distressed communities now have a powerful tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program, created by the Tax Cuts and Jobs Act (TCJA). The program allows investors who recognize capital gains to reinvest those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in…

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