Tax & Estate Strategies for Married LGBTQ+ Couples

The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or are considering updating your estate strategy, here are some important things to remember. Keep in mind, this article is for informational purposes only and is not a replacement … Read more

Filing Final Tax Returns for the Deceased

When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Unfortunately, even the deceased can’t escape taxation. If the departed family member earned taxable income during the year in which they died, then federal taxes may be … Read more

Tax Rules When Selling Your Home

How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home, or are considering doing so, you may want to be aware of these new rules. HOME SALE If you owned and lived in your home for two of the last five … Read more

Does Your Child Need to File an Income Tax Return?

As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS does not exempt anyone from the requirement to file a tax return based on age, … Read more

You May Need to Make Estimated Tax Payments if…

You may have to make estimated tax payments if you earn income that is not subject to withholding, such as income from self-employment, interest, dividends, alimony, rent, realized investment gains, prizes, and awards. You also may have to pay estimated taxes if your income tax withholding on salary, pension, or other income is not enough, … Read more

Five Most Overlooked Tax Deductions

Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five most overlooked opportunities to manage your tax bill. Reinvested Dividends: When your mutual … Read more

How to Appeal Your Property Taxes

Between 30 percent and 60 percent of taxable property has an inflated assessment, which may lead to higher property tax bills. Moreover, typically fewer than 5 percent of taxpayers dispute their assessment.¹ For homeowners who think their local government may have assessed their property’s value too high, there are ways to appeal and potentially win … Read more

Red Flags for Tax Auditors

No one wants to see an Internal Revenue Service (IRS) auditor show up at their door.  The IRS can’t audit every American’s tax return, so it relies on guidelines to select the ones most deserving of its attention. Here are six flags that may make your tax return prime for an IRS audit.1 THE CHANCE … Read more

Tax Deductions You Won’t Believe

While Americans are entitled to take every legitimate deduction to manage their taxes, the Internal Revenue Service (IRS) places limits on your creativity. Here are some examples of deductions from the IRS that were permitted and some that were, well, too creative.¹ CREATIVE DEDUCTIONS THAT PASSED MUSTER Usually a child’s school-related costs are not deductible. … Read more

How to Make the Tax Code Work for You

By April 19, 2019, 137 million taxpayers had dutifully filed their federal income tax returns.1 And they all made decisions about deductions and credits – whether they realized it. When you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good … Read more