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Individual Tax Articles

 

Tax Reasons to Refuse an Inheritance

Tax Reasons to Refuse an Inheritance

Posted by D’Marie Murray on January 25, 2024

At first glance an inheritance may be considered a windfall, but the tax aspects should be considered before accepting.

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How the “Nanny Tax” Applies to Household Workers

How the “Nanny Tax” Applies to Household Workers

Posted by Kelsey Weigel on December 12, 2023

The nanny tax applies to more than childcare in your home, it includes all household workers.

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2023 Year-End Tax Planning Guide for Individuals

2023 Year-End Tax Planning Guide for Individuals

Posted by Mark Janulewicz on December 07, 2023

With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family offices to review their 2023 and 2024 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. 

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Year-End Strategies to Decrease Tax Liability for Individuals

Year-End Strategies to Decrease Tax Liability for Individuals

Posted by Amanda Wojtkowski on December 05, 2023

These easy and quick strategies can reduce your tax liability before the end of the year.

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Individuals: 2024 Inflation-Adjusted Tax Amounts

Individuals: 2024 Inflation-Adjusted Tax Amounts

Posted by Amanda Mooney on November 21, 2023

The IRS has announced inflation-adjusted federal tax amounts for individuals.

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Early IRA Withdrawal Penalty Exceptions

Early IRA Withdrawal Penalty Exceptions

Posted by Cheryl A. Jankowski on November 14, 2023

From the early withdrawal penalties to an increased federal tax bracket, consider these exceptions to avoid additional taxes.

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2024 SECURE Act Provisions for Financial Emergencies

2024 SECURE Act Provisions for Financial Emergencies

Posted by Cheryl A. Jankowski on October 25, 2023

Should you experience a financial emergency, beginning in 2024 as part of the SECURE 2.0 Act, you can now make tax free withdrawals if you meet specific criteria.  

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Tax-Free Treatment of Academic Scholarships

Tax-Free Treatment of Academic Scholarships

Posted by Angela Miles on October 17, 2023

Scholarships are tax-free, but you need to comply with certain conditions and understand what can be paid with the scholarship funds.

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The Basic Tax Rules of Rental Properties

The Basic Tax Rules of Rental Properties

Posted by Alexander Intihar on October 10, 2023

From short term rentals to rental income deductions, we cover the basic rules of vacation property rentals.

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Including Special Assets in Your Estate Plan

Including Special Assets in Your Estate Plan

Posted by Christine Proulx Grzyb on September 21, 2023

Special assets such as artwork needs to be paid attention to as you plan your asset.

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