The coronavirus (COVID-19) pandemic has changed life across the country. The IRS and Congress have responded with some tax and financial relief. Here’s a brief rundown of what’s been provided so far,
Home is where the tax breaks might be
Buying a home and want to know how much of a tax break you’ll get for paying mortgage interest? Here are the rules.
Reasons why married couples might want to file separate tax returns
In most cases, married couples who file jointly save more money on taxes than those who file separate returns. However, there are cases when filing separately is a better option.
Answers to your questions about 2020 individual tax limits
Not all tax figures are annually adjusted for inflation or change due to legislation. But many do. Here are some Q&As about tax-related figures for 2020.
Your home office expenses may be tax deductible
These days, many people work from home. But they don’t all qualify to deduct the expenses of a home office on their tax returns. Here are the basic rules.
3 last-minute tips that may help trim your tax bill
Before you know it, 2020 will be here. You may still have time to reduce your federal tax liability by taking these steps.
Using your 401(k) plan to save this year and next
Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.
Selling securities by year end? Avoid the wash sale rule
Have you cashed in some investment gains in 2019? You may be looking for unrealized losses in your portfolio so you can sell those investments to offset your gains before year end. This can reduce your tax liability. But don’t run afoul of this rule.
Take advantage of the gift tax exclusion rules
With the annual federal gift tax exclusion, you can transfer substantial amounts free of gift taxes to your children and others. Here are the basic rules.