Taxes

December 6, 2024The Section 121 Exclusion is an IRS rule that allows you to exclude from taxable income a gain of up to $250,000 from the sale of your principal residence. A couple filing a joint return gets to exclude up to… read more…

June 27, 2021Seismic changes could be coming to the way America’s wealthiest investors are taxed. Under President Joe Biden’s $1.8 trillion American Families Plan, taxpayers whose incomes exceed $1 million would pay nearly twice the current long-term capital gains tax rate. While Biden’s tax proposal may have you looking to sell positions to stave off a hefty… read more…

June 23, 2021Investment tax must be paid on interest income and rent from investment property. You also pay investment tax on dividend and capital gains income from stocks, mutual funds and exchange-traded funds. Holding stocks and bonds in taxable accounts allows for a larger tax liability than if you hold the securities inside a retirement account with… read more…

November 16, 2022Dividends can be an important part of your income from investments, especially if you have significant fixed-income holdings. Internal Revenue Service Form 1099-DIV supplies you with all the information on your dividend income that you will use when you file… read more…

June 21, 2021Tax efficient investing allows investors to reduce, delay and otherwise manage taxes generated by investment activities, potentially improving after-tax returns. Investors can use a variety of methods to manage taxes efficiently, including selecting tax-advantaged investments, practicing tax-aware strategies and using IRAs, 401(k)s and other tax-deferring accounts. Sorting through the various ways to boost the tax efficiency… read more…

May 21, 2021The Internal Revenue Service (IRS) sends U.S. investors a myriad of tax forms every year. While the number and complexity of these forms can be off-putting and confusing, it’s important that you understand them and what your responsibilities regarding these are. Here’s an overview of common IRS investment tax forms and what you need to… read more…

August 8, 2025Filing taxes may not be your favorite financial chore but it is a necessary one to stay in the good graces of the IRS. Why do I owe state taxes is a question you might have if filing your return… read more…

January 8, 2025The 2017 tax reform law ended the ability for most taxpayers to deduct expenses for working from home just in time for millions more people to begin working from in response to the Covid pandemic. Nowadays only a few select… read more…

November 16, 2022President Joe Biden proposed doubling capital gains taxes for investors making over $1 million to fund his $1.8 trillion American Families Plan. This could compel some high-income investors to sell off assets before the tax hike takes effect. Others will… read more…

March 31, 2021The Trump tax bill – formally known as the Tax Cuts and Jobs Act (TCJA) – nearly doubled the standard deduction while also limiting some itemized deductions. From 2017 to 2018, the standard deduction rose from $6,350 to $12,000 for singles, from $12,700 to $24,000 for married couples filing jointly and from $9,350 to $18,000… read more…

September 2, 2025Losing a loved one is a tragedy that requires space to grieve, and the last thing a family needs at that time is to deal with unexpected costs. However, there are federal and state-level taxes that need to be handled… read more…

May 9, 2023The White House and the U.S. Treasury Department have outlined the goals of President Joe Biden’s tax plan, which include provisions to raise corporate taxes and eliminate incentives that allow companies to move profits overseas. These moves would mark the first… read more…

February 15, 2022The U.S. is a federal republic, meaning that power is held by both the central federal government, located in Washington, D.C., and by the governments of every state and territory that make up the union. But the “division of powers” isn’t as simple as it seems – and neither is the division of finances, since… read more…

May 9, 2023Many foreign countries have higher income tax rates than the U.S., and others impose value added tax (VAT) charges that the U.S. does not. These foreign assessments can produce significantly higher tax bills for American individuals and companies that do… read more…

January 31, 2023Social Security benefits can provide an additional income stream in retirement alongside withdrawals from a 401(k), individual retirement account or brokerage account. Part of shaping a retirement plan around Social Security income means planning ahead for taxes. Social Security benefits… read more…

July 27, 2025Savings bonds can be a safe way to save money for the long term while earning interest. You might use savings bonds to help pay for your child’s college, for example, or to set aside money for your grandchildren. Once… read more…

November 13, 2025Receiving regular rental income can help you grow wealth in the long term and diversify your income streams. . However, income earned from a rental property isn’t tax-free money; you do have to pay the IRS taxes on it. Capital gains tax can also apply when you sell a rental property. To avoid these taxes… read more…

December 1, 2020Taxes can take a big bite out of your income, especially if you’re in a higher income tax bracket. And even with careful planning, it’s possible that you could still be hit with an unexpected tax bill. The good news is, there are things you can do to keep more of your hard-earned dollars in… read more…

March 7, 2025If you receive Social Security disability benefits, you may wonder whether you get a 1099 form for reporting your income. The Social Security Administration issues Form SSA-1099 to recipients of Social Security Disability Insurance, which details the total benefits received in a year. However, those receiving Supplemental Security Income (SSI) do not get a 1099,… read more…

December 13, 2024Every year, people’s lives change in ways that affect their taxes. They may start a higher education program or have a child, and others take on elderly parents as dependents. These situations can change their eligibility for tax credits. In… read more…

May 9, 2023Simply put, political contributions are not tax-deductible. Americans are encouraged to donate to political campaigns, political parties and other groups that influence the political landscape. When it comes time to file taxes, though, many people may not fully understand what… read more…

May 9, 2023A wealth tax is a type of tax that’s imposed on the net wealth of an individual. This is different from income tax, which is the type of tax you’re likely most used to paying. The U.S. currently doesn’t have… read more…

February 17, 2023The question of tax dodging has been in the news a lot lately – namely because of the New York Times Report that President Donald Trump, despite his claimed billions of dollars in wealth, paid only between $0 and $750… read more…

December 10, 2022A financial transactions tax is exactly what it sounds like — a tax levied on each transaction an investor makes in the financial markets. The U.S. does not have a significant financial transaction tax, but it has become a favorite… read more…

May 9, 2023Healthcare was already one of the most high-profile and contentious political issues in America, but since the COVID-19 pandemic began it has become even more of a pressing topic. Donald Trump tried and failed to repeal the Affordable Care Act… read more…