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Individual and Family Wealth Articles

 

Claiming Your Parent as a Dependent

Claiming Your Parent as a Dependent

Posted by D’Marie Murray on September 13, 2019

If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks.

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Taxes and Long Term Care Insurance – What Your Need to Know

Taxes and Long Term Care Insurance – What Your Need to Know

Posted by Bryan Staniszewski on September 12, 2019

If you or a loved one needs long-term care, consider purchasing a long-term care (LTC) insurance policy. As a bonus, qualified LTC policies may deliver some tax breaks.

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Tax Strategies for Seniors

Tax Strategies for Seniors

Posted by Robert Ingrasci on September 04, 2019

Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks.

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Changing Jobs? What Will Become of Your 401(k) Balance?

Changing Jobs? What Will Become of Your 401(k) Balance?

Posted by Bryan Staniszewski on August 29, 2019

Most private-sector employers put you in the driver's seat when it comes to saving for retirement. You might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) plan.

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Common Questions About Kids and Taxes

Common Questions About Kids and Taxes

Posted by Kevin Smeader on August 22, 2019

Does your son or daughter work during the summer or school year? Here are answers to some common questions about the tax rules that may apply to kids.

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Summer Loving? Financial Considerations to Think About Before You Tie the Knot

Summer Loving? Financial Considerations to Think About Before You Tie the Knot

Posted by Kelsey Weigel on August 20, 2019

For many couples, summer is the quintessential time to tie the knot, but there's more than the ceremony to consider when a couple merges their lives, including taxes and other financial issues.

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Another Massive Data Breach: How to Help Protect Yourself

Another Massive Data Breach: How to Help Protect Yourself

Posted by Jill Johnson on August 15, 2019

The news of another massive online data breach may make you feel powerless to safeguard your financial privacy, but you can take some concrete steps to protect yourself in the aftermath of the recent Capital One case, as well as other breaches.

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Final Regulations Limit Federal Charitable Contribution Deductions in Connection With Receipt of State Tax Credits

Final Regulations Limit Federal Charitable Contribution Deductions in Connection With Receipt of State Tax Credits

Posted by Mark Stack on August 12, 2019

On June 13, 2019, the IRS and Treasury Department issued final regulations under Section 170, limiting federal charitable contribution deductions when taxpayers receive or expect to receive state or local tax (SALT) credits in return for charitable donations.

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Five Mid-Year Tax Planning Strategies for Individuals

Five Mid-Year Tax Planning Strategies for Individuals

Posted by Cheryl A. Jankowski on August 05, 2019

Whether you are looking for ideas to help cut your tax bill for the current year, or you are hoping to minimize future taxes, now is a good time to start thinking about your tax planning strategies.

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IRS Approves Spousal IRA Rollover Despite Existence of Trust

IRS Approves Spousal IRA Rollover Despite Existence of Trust

Posted by Robert Ingrasci on July 02, 2019

The IRS has privately ruled that a surviving spouse can roll over her deceased spouse's IRA — payable to a trust of which she is sole trustee and beneficiary — into her own IRA. Generally, where an IRA beneficiary is a trust, a surviving spouse is barred from treating a decedent's IRA as her own account.

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