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Still have tax questions? You’re not alone
If you filed your 2024 tax return, you may still have a few questions: 1) When will you get your refund? Go to the IRS website and click “Get your refund status.” You’ll need your Social Security number, filing status and the exact refund amount. 2) How long should you keep tax records? In general,…
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The tax rules for legal awards and settlements: What recipients should know
If you’ve received a legal settlement or award, it’s important to grasp the tax implications. While compensation for physical injuries is typically tax-free, awards for lost wages, emotional distress and punitive damages are usually taxable. Even if your attorney is paid directly from the settlement, you may be taxed on the full amount. The way…
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How working in the gig economy affects your taxes
Gig work offers flexibility, autonomy and a way to earn income, but it comes with tax obligations that may catch you off guard. Whether you drive for a rideshare service, deliver food, sell products online or offer pet walking services, it’s crucial to understand the tax implications to stay compliant and avoid costly surprises. Generally,…
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Digital assets and taxes: What you need to know
Crypto is on the IRS’s radar! If you bought, sold, mined, staked or were paid in digital assets like Bitcoin, Ethereum or NFTs, you must report it on your tax return. Near the top of your federal tax return, there’s a question asking if you received or disposed of any digital assets during the year.…
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The advantages of a living trust for your estate plan
If you own substantial assets, you may want to consider setting up a living trust to bypass the probate process. Probate is a court-supervised procedure that ensures a deceased individual’s assets are distributed appropriately. However, it often involves complex legal steps, additional costs and public disclosure of your financial matters. A living trust can help…
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The One, Big, Beautiful Bill could change the deductibility of R&E expenses
The treatment of research and experimental (R&E) expenses is a high-stakes topic for businesses, especially small to midsize companies focused on innovation. Currently, R&E expenses must be capitalized and amortized over five years for domestic activities and 15 years for foreign activities. The One, Big, Beautiful Bill, which is now being considered by the Senate,…
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Taming the tax tangle if you’re retiring soon
Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications.…
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Financial relief for families: The benefits of the Child Tax Credit
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and…
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You may be able to make a deductible IRA contribution for last year this year
If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on…
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Saving for college: Tax breaks and strategies your family should know
As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding your child’s…
