Taxes
Latest Taxes News
Do I Have to Worry About the Gift Tax If I Give My Son $75,000 Toward a Down Payment?
Unless you have given away more than $13 million in your lifetime, a $75,000 gift will not trigger the federal…
IRS Touts Improvements And Chases Delinquent Millionaires As Tax Season Opens
With tax season just around the corner—officially opening on Jan. 29, 2024—the IRS is continuing to focus efforts on increasing…
How Does the IRS Verify Cost Basis?
The IRS expects taxpayers to keep the original documentation for capital assets, such as real estate and investments. It uses…
Tax Refunds Creep Towards $100 Billion As Tax Filing Season Marches On
The IRS officially opened tax season more than a month ago—on January 29, 2024—and as the days have ticked by,…
Five Medical Expenses You Can Deduct on Your Taxes
Taxpayers can deduct medical expenses by itemizing them on their taxes. However, these deductions may be out of your reach…
BOXX’s Tax Gimmick Violates Congress’ Rules On Conversion Transactions
Bloomberg recently reported on an exchange-traded fund (ETF) with the ticker symbol BOXX. The ETF exploits various tax rules to…
I Worked Two Jobs in 2023. Can I Get a Tax Credit for Paying Too Much in Payroll Taxes?
If you paid Uncle Sam more than his fair share in payroll taxes in 2023, you may be owed a…
Ruling That Corporate Transparency Act Is Unconstitutional Could Benefit 65,000 Businesses—Or More
Days after an Alabama U.S. District Court judge ruled the Corporate Transparency Act—sometimes called the CTA—unconstitutional, businesses and their advisors…
Do I Have to Worry About Taxes if I Loan a Family Member $45,000?
It’s common for family members to lend money amongst themselves, and many choose to charge less than market interest rates…
Understanding Your Form 1040
Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning…
