Taxes

February 27, 2025Taxpayers preparing their federal returns for 2023 will be able to reduce what they owe by taking advantage of some significant credits, deductions and other tax breaks. Here are some of the most popular tax breaks you can potentially use… read more…

February 17, 2022Most people use the terms real estate taxes and property taxes interchangeably. However, while both terms cover taxes paid on real estate, property taxes include other types of assets as well. Let’s compare the differences between real estate tax vs. property tax, break down how they’re calculated and explain when they qualify for a tax… read more…

December 2, 2025Real estate continues to be an appealing asset class for investors as property values rise. While many investors choose to invest in homes or apartment buildings, others prefer to invest in raw land. There are fewer maintenance costs with no… read more…

February 16, 2022An inter vivos gift occurs when you give someone assets without receiving anything in return. To be considered an inter vivos gift, you must give them this property while alive. If you give them this property after you die, it is considered a testamentary or post-mortem transfer. Let’s break down key differences and what you… read more…

August 17, 2025Accountants and certified public accountants (CPAs) are two types of financial professionals serving both individuals and businesses. Even though their titles are often used interchangeably, they perform different services. CPAs can do everything accountants do, but accountants cannot do everything CPAs do. CPAs can also perform audits and are professionally licensed, but accountants are not.… read more…

February 16, 2022If you own a home, you have paid an ad valorem tax. If you own a car, same thing. In fact, if you’ve ever bought anything in the United States, you have paid an ad valorem tax. These taxes are based on the value of some underlying asset. They are a very common form of… read more…

February 28, 2025IRS Form 6251, titled Alternative Minimum Tax—Individuals, determines how much alternative minimum tax (AMT) you could owe. In order for wealthy individuals to pay their fair share of income tax, Congress mandated an AMT in 1969. You have to pay the AMT if you report taxable income greater than certain income threshold exclusions. If this… read more…

February 28, 2025The alternative minimum tax (AMT) was created to close loopholes and ensure that all U.S. taxpayers pay their fair share of taxes. When you pay an AMT, some or all of that additional tax is for future income that is being taxed due to differences in the rules. For those payments, a credit is issued… read more…

September 6, 2023Privacy advocates can breathe at least a little bit easier: the IRS has backtracked its decision to require all IRS website users to register with third-party identification platform ID.me. Originally announced in November 2021 to take effect the next year,… read more…

January 8, 2025Home prices doubled over the past decade – and that could mean you owe some serious taxes if you are selling your home. After bottoming out at around $259,000 in 2011, the average sale price of a house has marched steadily upward to more than $500,000 in 2024. This type of growth often leads to… read more…

November 18, 2025The Earned Income Tax Credit and the Child Tax Credit are both programs designed to help alleviate poverty, but there are key differences. The EITC is a credit available to employed, low-income households. It is intended to boost the effective income of people who are employed. The CTC is a credit available to employed households with children. This… read more…

January 11, 2022On Monday, Jan. 10, the Treasury Department announced that the IRS is facing significant challenges this year due to budget concerns and issues caused by the COVID-19 pandemic. Officials are warning that many taxpayers could see significant delays in receiving their tax refunds this year. There are millions of tax returns that the agency has… read more…

November 13, 2025In addition to paying sales tax on the things you buy, you may also be required to pay taxes on its perceived fair market value later on. These personal and business taxes are assessed on certain tangible personal property items,… read more…

November 21, 2025If you are an employee of a business, you are required by the Internal Revenue Service (IRS) to fill out payroll tax forms that tell your employer how much tax to deduct from your income. This is the W-4. Your… read more…

September 7, 2023Capital gains taxes can take a major bite out of your investment earnings if you don’t manage your portfolio specifically for them. The strategies that allow you to minimize the capital gains tax include holding investments for the long term,… read more…

August 3, 2025With the April 2023 tax deadline just around the corner, it’s not too soon to acquaint yourself with the relevant federal tax brackets. The Internal Revenue Service (IRS) adjusts them annually for changes in the cost of living. Those changes may impact… read more…

September 1, 2025Inheriting a 401(k) comes with some complex tax rules. When the estate plan includes workplace plans and individual retirement accounts (IRAs), they’re treated differently than  real estate or other assets. If you anticipate inheriting a 401(k) from a parent, a spouse, or someone else, it’s important to understand the tax liability associated with making withdrawals… read more…

February 7, 2025Earned income is generally recorded in two ways for federal tax purposes. There is W-2 income and 1099-MISC income. The former is for employees, either full- or part-time; the latter is for contract workers, sometimes known as a freelancers. Here’s… read more…

May 30, 2023When investors want to diversify their portfolios, they often consider real estate. But if you’re interested in real property, you need to know the ins and outs of purchasing and selling. One method many investors rely on is called a… read more…

September 6, 2023Value-added taxes (VAT), which are a type of consumption tax, are major sources of revenue for countries in the Organization for Economic Co-operation and Development (OECD), among other regions. According to the Tax Foundation, VAT actually contributed to one-third of… read more…

October 30, 2025When someone passes away, what the person passes down to his or her beneficiaries may be subject to federal estate taxes. If the decedent “skips” a generation in passing along assets then it may trigger a tax bill. IRS Form… read more…

September 6, 2023A carbon tax is a tax levied on the emission of carbon dioxide into the atmosphere. Carbon taxes are seen as a way to reduce carbon emissions by encouraging businesses and consumers to switch to less carbon-intensive products and services, and also to encourage investors to pursue ESG strategies. Revenue raised by carbon taxes can… read more…

January 29, 2025The student loan interest tax deduction is for students and their parents who are repaying federal student financial aid. It’s the “above the line” adjustment to your adjusted gross income (AGI) if you have paid interest to a qualified loan program… read more…

May 9, 2023In some circumstances you can get a deduction or credit on your federal income taxes for taxes that you’ve paid to other non-U.S. governments. The foreign tax credit is one of these cases. If you live overseas, work overseas or… read more…

December 17, 2024Expat taxes aren’t easy. They depend on what you do for a living. They depend on where you do it, what taxes the local government charges, where you hold investments, which passports you hold and much more. For Americans who… read more…