The clock is running out on I bond’s record-high interest rate. As of Nov. 1, 2022, the current rate of 9.62 percent will drop. But you’ll need to purchase I bonds by Oct. 28 to take advantage of the current rate. Released by the Treasury Department and backed by the federal government, Series I Savings…
Where to Stash Your Investments
October 17, 2022
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By Nellie S. Huang From Kiplinger’s Personal Finance Which investments you hold matters, but so, too, does where you hold them, whether it’s in a tax-advantaged account or a taxable one. The strategy of divvying up your assets into certain types of accounts to lower your tax bill is called asset location. The general advice…
Charitable Contributions for 2022: How to Save on Taxes
In 2020 and 2021, you could deduct up to $300 for cash donations to charity without itemizing. This came under the standard deduction. It didn’t apply to those who itemized, but at least you could take a deduction without pulling out Schedule A. But that charitable standard deduction wasn’t extended past 2021. So that leaves…
Tax Credit for Electric Vehicle Chargers Is Back
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…
What Is Money Maturity and How Does It Impact Your Finances
October 7, 2022
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What is Money Maturity? This process of becoming more financially responsible is called money maturity. Money maturity is a gradual process that happens over time. It is often associated with age but can also be influenced by factors such as life experiences and education. Nevertheless, money maturity typically leads to better financial decision-making and habits….
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…
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