By Kelley R. Taylor From Kiplinger’s Personal Finance Question: Is there any tax break for installing an electric vehicle charging station at my home? Answer: Yes. The Inflation Reduction Act, signed into law in August, revived a tax credit for Electric Vehicle (EV) charging stations and EV charging equipment that had expired at the end…
Tax Deductions for Disaster Relief
Whether it’s a catastrophic hurricane like Ian or a California wildfire, disaster can strike and cause significant property destruction. Insurance can help, but it’s out of pocket for some damage not covered. But taxpayers hit with a catastrophic event and have sustained a “casualty loss” should check to see if it’s a federally declared disaster….
Family Finances: A Gift That Keeps on Giving
October 9, 2022
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By Emma Patch From Kiplinger’s Personal Finance Jacob Pruitt, president of Fidelity Charitable, the nation’s largest donor-advised fund, offers advice to those considering charitable contributions. Question: For someone who is new to donor-advised funds, what do they do and how do they work? Answer: They’re similar to an investment account. You put money or other…
Aussie PM Anthony Albanese Doubles Down on Tax Cut Continuity
Australian Prime Minister Anthony Albanese has doubled down on his assertion the government’s position hasn’t changed on income tax cuts. Speculation has continued that the government was considering changes to stage three tax cuts, due to come into effect in mid-2024. Treasurer Jim Chalmers was accused by the opposition of laying the groundwork for changes…
Advice for Filing a Tax Return After a Death
By Joy Taylor and Lisa Gerstner From Kiplinger’s Personal Finance Question: I’m having to file a tax return for someone who recently died. Any tips? Answer: The returns should be signed by the executor or other representative and, if the decedent was married, the surviving spouse. If filing a paper return, write the word “deceased”…
Eight Tax-Planning Tips for the End of the Year
October 6, 2022
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Tax time will soon be here. The good news is that there still is time to reduce your taxes this year. Making changes now can help you get more tax deductions on your upcoming 1040 taxes. Getting the biggest IRS refund means you need to have a lot of receipts for any tax deductions you…
For Snowbirds, Home Is a Low-Tax State
By Rocky Mengle From Kiplinger’s Personal Finance Snowbirds often own two homes—one up north where these retirees spend the warmer months and one down south in colder ones. When one of those homes is in a high-tax state and the other is in a low-tax state, you want to establish residency in the low-tax state…
UK Government Scraps Plan to Cut Tax Rate for Highest Earners After Market Turmoil
The UK’s new prime minister Liz Truss on Monday made a dramatic u-turn on plans to cut taxes for the highest earners following backlash over the decision that prompted major market turmoil Chancellor of the Exchequer Kwasi Kwarteng announced the scrapping of the plan on Twitter early Monday and said it was clear that reducing the 45…
Canada ‘Behind the Ball’ With Weak Merger Laws, Says Author of Biting Report
Lax merger laws in Canada underestimate the harm to competition caused by mergers and overestimate their benefits, a new report says. Gaps in Canada’s merger laws have failed to prevent the kind of acquisitions that allow big firms to “extinguish competitive threats and entrench their dominance,” according to the Centre for International Governance Innovation. Canada…
Will the IRS Tax Forgiven Student Loans?
By Joy Taylor From Kiplinger’s Personal Finance Question: Is forgiven student debt taxable? Answer: No, at least through 2025. As a general rule, debt cancelation income is taxable. But a 2021 law provides that most student loans forgiven from 2021 through 2025 are tax-free. President Biden’s plan to forgive up to $10,000 in student loans…
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