By Joy Taylor From Kiplinger’s Personal Finance Question: Can I deduct charitable contributions that I made in 2022 if I don’t itemize? Answer: No. The 2020 and 2021 easing for charitable gifts of cash has expired. Beginning with 2022 returns filed next year, nonitemizers can no longer write off on page 1 of the Form…
Family Finances: Why You Need Renters Insurance
By Emma Patch From Kiplinger’s Personal Finance Most homeowners know that they need homeowners insurance to cover loss or damage to their property—and if you have a mortgage, you usually have no choice. But if you’re one of the more than 100 million Americans who rent their residence, don’t overlook the value of renters insurance….
Are More Audits in Taxpayers’ Future?
By Joy Taylor From Kiplinger’s Personal Finance Question: Why did Congress give the IRS (Internal Revenue Service) so much more money? Does this mean we all will be subject to more audits? Answer: The rising tax gap is one reason the IRS asked for $80 billion in extra funds—and got it. The tax gap is…
Seven Ways to Bank Smarter in the New Year
Every year people make new resolutions. Some want to lose weight, others have a specific goal they wish to attain. One goal that everyone should have in the new year is banking smarter. Smart banking can save you money. But what does that mean? Here are seven ways to bank smarter. Reevaluate Banking Services and…
What Are Your Options If You Can’t Pay the IRS?
In this economy, tight budgets may make it challenging to pay income taxes. This is true especially if you owe thousands of dollars. But what do you do if you can’t pay those taxes? Don’t go into a panic; you do have some options. File Regardless of Taxes Owed It can be alarming to realize…
Family Finances: Year-End Gifts Reap Benefits for Donors and Recipients
By Joy Taylor From Kiplinger’s Personal Finance Financial planners and tax professionals often advise clients to include gifting in their year-end tax planning strategies. There are three main reasons to do this. First, your gifts can help family members and friends. Second, because gifts aren’t subject to income tax, the recipient isn’t taxed on the…
Powerball Winner Faces Massive Tax Bill
By Kelley R. Taylor From Kiplinger’s Personal Finance Question: What sort of tax bill is the recent winner of the $2.04 billion Powerball jackpot likely to owe? Answer: The lucky Powerball winner will be looking at hefty tax bills. One of those tax bills will be from the federal government and, depending on where the…
Personal or Business Tax Filing: Which to Choose
Filing taxes can be stressful. But when you’re a small business, knowing the line between personal filing or business filing can seem a little blurry. This is especially true if you’re a sole proprietor. But it doesn’t have to be confusing; there are different requirements for filing depending on how your business is organized. Business…
Co-buying a House: How Platonic Partners Make It Work
Seven years ago, Phil Levin and his girlfriend, Kristen Berman, pondered a common question: Should we move in together? Levin assumed they’d take a predictable path and find a more affordable apartment outside of pricey San Francisco. But Berman, a behavioral scientist, shared her reservations about leaving their friend network—and some facts to back it…
Make the Most of New Rules for Charitable Giving
Most people no longer get a tax deduction when they donate to charity. That shouldn’t keep you from making donations, but you may want to change your approach. Typically, only taxpayers who itemize deductions can write off charitable contributions. The vast majority of taxpayers instead take the standard deduction, which was nearly doubled by the…
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