Will You Have to Pay Tax on Your Social Security Benefits?

Will You Have to Pay Tax on Your Social Security Benefits? If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It…

What happens if an individual can’t pay taxes

What happens if an individual can’t pay taxes While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look…

More parents may owe “nanny tax” this year, due to COVID-19

More parents may owe “nanny tax” this year, due to COVID-19 In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep…

The tax implications of employer-provided life insurance

The tax implications of employer-provided life insurance Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income”…

Fortify your assets against creditors with a trust

Fortify your assets against creditors with a trust You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now…

Frequently asked tax questions related to COVID-19

Frequently asked tax questions related to COVID-19 The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct…

IRA account value down? It might be a good time for a Roth conversion

IRA account value down? It might be a good time for a Roth conversion The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional…

Answers to questions you may have about Economic Impact Payments

Answers to questions you may have about Economic Impact Payments Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part…

COVID-19: Expanded Federal tax filing and payment relief

COVID-19: Expanded Federal tax filing and payment relief The Treasury Department and IRS announced that Notice 2020-23 (PDF) extends additional key tax deadlines. The extensions generally now apply to all taxpayers that have a filing or payment deadline falling on…