There still might be time to cut your tax bill with IRAs

There still might be time to cut your tax bill with IRAs If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it.…

Determining whether you need to file a gift tax return can be tricky

Determining whether you need to file a gift tax return can be tricky For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be…

Tax credits may help with the high cost of raising children

Tax credits may help with the high cost of raising children If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax…

How business owners may be able to reduce tax by using an S corporation

How business owners may be able to reduce tax by using an S corporation Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax…

Nondeductible IRA contributions require careful tracking

Nondeductible IRA contributions require careful tracking If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS…