Ariel Skelley | Getty Images You must ‘itemize’ to claim the charitable deduction When filing your return, you reduce your taxable income by subtracting the greater of either the standard ...
Tag: tax planning
What ‘millionaire tax’ plans on California, Massachusetts ballots mean for taxpayers
How states plan to spend ‘millionaire tax’ revenue While the proposed taxes sound similar, there are differences in how each state plans to use the revenue. In Massachusetts, assuming vot...
Federal Taxes Will Hit a Lot More People This Year
Few things are more pleasant that when an accountant runs through what you’ve earned and paid and confirms that you will not owe any extra taxes in April. On the other hand, few things are worse...
How to save above 401(k) deferral limits with after-tax contributions
If you’ve already maxed out 401(k) plan contributions for 2022 and you’re eager to save more for retirement, some plans have an under-the-radar option, experts say. For 2022, you can defer...
What investors need to know about the latest crypto tax reporting rules
Jose Luis Pelaez | Getty Images The IRS is sharing more details on how to report digital assets for the 2022 tax filing year, according to draft instructions. Since 2019, there’s been a yes or n...
How much income you can have for 0% capital gains taxes in 2023
If you’re planning to sell investments or rebalance your taxable portfolio, you may be less likely to trigger a tax bill in 2023, experts say. This week, the IRS released dozens of inflation adj...
Here’s how uber-rich pass wealth tax-free to heirs when markets are down
Brand New Images | Stone | Getty Images A lousy stock market is often no reason for investors to cheer. But for the uber-rich, it may offer a route to lower estate taxes down the road. That’s be...
The extended tax deadline is Oct. 17. Here’s what filers need to know
Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-...
How to avoid a penalty by making quarterly tax payments by Sept. 15
If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, appl...
How to Get Uncle Sam to Contribute to Your Retirement Savings
What is the Savers Credit? And how do you qualify for this special tax credit? Retirement Daily’s Robert Powell caught up with Jeffrey Levine, CPA and tax pro from Buckingham Strategic Wealth Pa...
Backdoor Roth IRA: Pros, Cons, and Examples
Contents If your income exceeds the limits to contribute directly to a Roth IRA, you may have heard about the so-called ‘Backdoor Roth IRA,’ which allows traditional IRA conversions to Rot...
When to claim climate tax breaks, rebates
Sebastian Rothe / Eyeem | Eyeem | Getty Images Households may soon be able to claim thousands of dollars in tax breaks and rebates if they take steps to reduce their carbon footprint. But eco-friendly...
IRS refunding $1.2 billion in late-filing fees for nearly 1.6 million
Ekaterina Goncharova | Moment | Getty Images The IRS on Wednesday announced it will waive penalties for many Americans who late-filed tax returns during the pandemic. Nearly 1.6 million filers will au...
IRS interest jumps on Oct. 1. How much you’ll get for a missing refund
How to calculate your interest The interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a certified financial planner and enrolled agent at Moisan...
Embryos can count as dependents on 2022 state tax returns in Georgia
Anti-abortion activists demonstrate outside the Supreme Court of the United States in Washington, June 13, 2022. Evelyn Hockstein | Reuters Residents of Georgia may now claim embryos as dependents on ...
10+ Frequently Asked Tax Questions – Top CPAs Answer
Are you looking for some good summer reading? TheStreet has you covered with tax tips from some of the leading CPAs and tax experts across the country. Contents Make sure you bookmark this page, we&...
Metropolitan areas with the most million-dollar homes
Historic row houses in Columbia Heights neighborhood of Washington. amedved | iStock | Getty Images Million-dollar homes aren’t common in the U.S., but you’re more likely to find these pro...
Investors revisit muni bonds amid higher yields and strong credit
David Jakle | Image Source | Getty Images It’s been a tough year for municipal bonds, with investors cashing out amid rising interest rates. However, higher yields and strong credit may be spark...