By Elliot Raphaelson From Tribune Content Agency Question: I was divorced many years ago after more than a 10-year marriage. I have not re-married. My previous wife has passed away, and she worked under Social Security for many years. I am 63 now, and don’t plan on filing for my Social Security benefit until I…
Will Forgiven Student Loan Debt Be Taxable?
By Kelley R. Taylor From Kiplinger’s Personal Finance Question: I’m hopeful that my student loan debt will be forgiven if President Biden’s plan makes it through court challenges. But if it does, am I going to be hit by a tax bill? Answer: That depends on where you live. Student loan debt that’s canceled under…
Retiring? These States Won’t Tax Your Distributions
It can be difficult to afford retirement, especially when your retirement income is taxed. In addition to taxing Social Security benefits, the federal government taxes income from 401(k) retirement plans, traditional IRAs, and pensions. Additionally, most states tax retirement income to some extent. A dozen states, however, do not tax 401(k)s, IRAs, or pensions, which…
How to Maximize Your Tax Exemptions
Since tax time is rapidly approaching, you are probably thinking about how to reduce taxable income. Although you may have been thinking about it all year, there may still be time to lower your taxes even more before the year’s end. One of the best ways is to take advantage of tax exemptions and credits….
Can a Tax-Withholding Form Increase Your Paycheck?
Money has been tight for a lot of people this year. With inflation, you may be finding it difficult to make ends meet. Instead of wishing that you made more money than you do, there are ways to increase income without working harder or getting a second job. You may just need to change your…
Will Adding an Accessory Dwelling Unit Pay Off?
November 27, 2022
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Accessory dwelling units (ADUs) are known by many names: in-law suites, guest houses, backyard cottages, or basement or garage conversions, among others. What all ADUs have in common is that they’re a separate living space typically added to a single-family residential lot, and they’re having a moment. Constructing an ADU could increase your property value…
Estate Tax Exemption Amount Goes Up in 2023
Every year, the IRS announces new limits on the estate tax exemption for the upcoming year. It is the amount of money people can give away without having to pay a federal estate tax. The number is primarily for rich people who have large amounts of money. The federal estate tax exemption has been raised…
All About the Standard Deduction in 2023
Most taxpayers know that deductions allow you to take out certain expenses from taxable income. This lowers the tax burden. There are two types of deductions: standard deductions and itemized deductions. You can only choose one and cannot itemize deductions and use the standard deduction in the same tax year. The standard deduction is about…
A Tax Credit to Reduce Health Care Premiums
By Joy Taylor From Kiplinger’s Personal Finance Question: I’m purchasing health care coverage through my state’s exchange and wonder if I’ll be eligible for a tax credit that reduces my premium. Who qualifies for it? Answer: The premium tax credit is available to eligible individuals who buy health insurance through an exchange. More people qualify…
How Does Tax-Loss Harvesting Work—and Is It for You?
November 16, 2022
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If you have a portfolio and have sold any stocks at a profit this year, you might be looking for a way to offset the capital gains tax. That’s where tax-loss harvesting comes into play. It’s a way of selling investments that helps you lessen the capital gains tax blow. But what is tax-loss harvesting,…
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