Individual Tax Articles
Understand the Fair Market Value Basis Rules for Inherited Property
Posted by Michē Needham on July 11, 2023
The rules that apply to inherited property known as Fair Market Value of Step-up Basis impact heirs and their taxable income.
Eligible Medicare Premium Tax Breaks
Posted by D’Marie Kleeman on June 21, 2023
Seniors who have Medicare insurance (including supplemental) know that it can be costly to get the desired coverage. If this is your situation, you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return.
The Advantages of a Spousal IRA
Posted by Amanda Wojtkowski on June 20, 2023
For a couple who file a joint tax return with one spouse not working, there is an option for the nonworking spouse to make an IRA contribution.
Q3 Tax Deadlines for Individuals and Businesses
Posted by Kristin Re’ on June 19, 2023
Stay up to date with tax related deadlines for the third quarter of 2023.
Classification of a Vacation Home in your Estate Plan
Posted by Amanda Wojtkowski on June 12, 2023
Including residential property including a vacation home is important when including it in your estate plan; another option is to gift prior to death.
Keys to Protecting an Inheritance
Posted by Amanda Wojtkowski on May 19, 2023
The best strategy to follow when you receive an inheritance is to take your time prior to spending the assets and familiarize yourself with distribution rules and related taxes.
IRS Clarifies Qualified Medical Expenses
Posted by Jordan Meagher on May 12, 2023
The IRS recently issued updated information on what medical expenses qualify as deductions.
Individual, Estate and Gift Taxes under the 2024 Federal Budget
Posted by Robert Ingrasci on April 12, 2023
High-net-worth individuals continue to be the focus of many of the administration’s proposals in its fiscal year 2024 budget. The proposals, many of which look similar to prior budget proposals, encompass raising individual tax rates, raising capital gain and qualified dividend rates, taxing exchanges between grantors and grantor trusts, imposing restrictions on grantor retained annuity trusts and taxing dispositions of appreciated property at death.
Depreciation of Stock Loss
Posted by Robert Ingrasci on March 17, 2023
There is one upside to stock loss: a capital loss deduction. The date of the stock sale is important and impacts whether your loss is long or short term.
Child Tax Credit Rules for 2022 and 2023
Posted by Kevin Smeader on February 24, 2023
The Child Care Tax Credit rules have seen significant changes in recent years, and despite the 2021 rules expiring, there is still value in taking the credit in 2022 and 2023.