Congratulations! You’ve retired and started claiming Social Security benefits. But wait – your benefits are subject to federal taxation. This may come as a surprise, as it does with many retirees.
It’s rare that a tax strategy can help you save taxes and support a charitable cause, but the Qualified Charitable Distribution (QCD) does just that.
If you made large gifts last year, you may be required to file a 2021 gift tax return. Even if it’s not required, it may be beneficial to file anyway.
There are tax changes that may affect your tax situation for 2022, even if Congress didn’t pass the Build Back Better Act in 2021.
It may barely be fall, but the holidays are just around the corner and many people may be thinking about giving gifts of cash or stock to their loved ones this year. If you expect to give cash gifts, be aware that by using the annual federal gift tax exclusion you can reduce the size of your taxable estate. The exclusion amount for 2021 is $15,000.
Millions of American taxpayers with children will begin receiving advance payments of their 2021 Child Tax Credits starting this July. Do you qualify?