Recent News & Blog / Individual Tax
Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them.
The tax rules of renting out a vacation property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year.
Are you ready for the 2021 gift tax return deadline?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway.
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are two quick tips to help speed processing and avoid hassles.
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs
Help safeguard your personal information by filing your 2021 tax return early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24.
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.
IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments
The Internal Revenue Service has begun issuing information letters to Advance Child Tax Credit recipients in December and to recipients of the third round of the Economic Impact Payments at the end of January.
There’s a deduction for student loan interest … but do you qualify for it?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500.
With year-end approaching, 3 ideas that may help cut your tax bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end.