Summary: In 2023, the IRS issued a rule stating those assets in an irrevocable trust that are not included in the grantor’s taxable estate cannot receive a step-up in basis. Click through to see the effects of this ruling on your current irrevocable or planned irrevocable trust. Revenue Ruling 2023-2, issued in March 2023, made […]
Summary: When it comes to investing, keeping more of your money matters. Tax-loss harvesting is a strategy that can help reduce your taxes by using investment losses to offset gains or even ordinary income. It can also carry unused losses into future years, providing long-term tax benefits. Click through for an overview. Tax-loss harvesting involves […]
Summary: Are you a freelancer, an independent contractor or a gig worker? Working for yourself means greater freedom, but it also comes with more responsibility — such as handling your taxes. Without an employer to withhold income taxes, it’s up to you to track your income, estimate what you owe and pay it on time. […]
Summary: So many of us worry about being audited by the IRS, but by law the IRS is required to play fair. When the IRS asks taxpayers for information, it can ask only for what’s absolutely needed and its actions must stay balanced. Click through to read about your rights under the Taxpayer Bill of […]
Summary: Facing an IRS tax audit can feel overwhelming, but with the right preparation, you can navigate the process confidently. Click through for practical advice on how to respond to IRS requests, protect your rights and minimize stress. If you’ve been selected for an IRS audit, don’t panic — preparation is key. Start by carefully […]
Summary: Filing taxes for your business can be complicated, with even small mistakes leading to missed deductions or higher tax bills. Ever-changing tax rules only add to the challenge. Click through for practical advice on avoiding the most common business tax pitfalls. Staying proactive and detail-oriented can help you avoid the most common inaccuracies on […]
Income can come in the form of money, property or services, but how do you know what is taxable and what is nontaxable? Click through for guidance on how to tell the difference based on certain circumstances. In general, income is taxable unless it is specifically exempted by law. Such taxable income must be reported […]
Do you have employees who earn $60,000 or less? If so, you can help them take full advantage of the Earned Income Tax Credit because, in most cases, they are eligible for it. Click through to learn about how many earners miss out on this beneficial tax credit just because they either have never heard […]
One of the benefits of owning a home is the tax deductions you can claim. You can deduct the interest that you pay during the year, which could result in significant savings on your income taxes. But how do you claim this deduction? Click through to find out.When you make your mortgage payment each month, […]
Are solar panels becoming more affordable for the average homeowner? Would solar panels help you save money on your energy bills? There have been a considerable number of changes in the solar panel marketplace over time. Click through to see if solar panels have a place in your home. Solar panels have become more popular […]