Until now, many have enjoyed knowing their beneficiaries could inherit their assets tax-free through an irrevocable trust. It has been used successfully to pass assets safely to children without tax. For many people, it will no longer accomplish that goal. The New Rule on Irrevocable Trusts In March 2023, the Internal Revenue Service (IRS) changed…
IRS Changes Inheritance Rules, Ensuring You Pay More Taxes
July 11, 2023
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What Are the Two Types of Prescription Drug Cards?
July 8, 2023
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More than 66 percent of all adults in the United States use prescription drugs. And with or without health insurance, prescription drugs can be high-priced. Adults spend nearly $73 billion on prescription drugs. It equates to 16 percent of total health costs. Any help you can receive in prescription drug discounts is welcome. Two forms…
Is Pet Insurance Worth the Cost?
July 7, 2023
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Pets are big in America. Sixty-six percent of U.S. households own a pet. Many of these pet owners look at their pup or kitty as one of the family. While loving a pet is priceless, their medical bills aren’t. That’s why pet insurance is increasing in popularity. Pet insurance was an unknown product for years….
Self-Employed? Shouldn’t You Be Making Quarterly Payments?
July 3, 2023
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Starting a new business enables you to enjoy the freedom you want. You are in charge and can run your business how you see fit. You can also get many tax breaks previously unavailable as an employee. Of course, it also means you may need to pay quarterly taxes. People That Need to Make Estimated…
Why You Have Rising Property Taxes and What You Can Do About It
Homeowners have recently seen property taxes become higher than ever. The surge in the cost of owning property started with the arrival of COVID and continues to rise. Many people wonder why and want some tax relief. Some homes have had their property taxes increase more than 37 percent since 2020. CBSNews reports that the…
What You Need to Know Before Making Tax-Deductible Car Donations
Many people need a free car. They may currently be out of work and are trying to find a job, but cannot get to it without a car. Some people needing a car may be women who are now divorced and have no way to get to work and cannot afford a car. Still others…
How to Avoid Paying Taxes on Annuities
June 24, 2023
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Taxes can be a major burden for retirees and people saving for retirement, so choosing the right investment vehicle is essential. However, once you retire, one of the most important things to consider is how you will receive your income. Many people choose to annuitize their retirement savings, which can be a great way to…
How to Donate Money to Reduce Taxable Income
When you need to reduce taxable income and have already used up other options, you can donate money to charitable organizations. There are several ways to make a tax-deductible donation by following some guidelines. In most cases, you will need to itemize your deductions. To do so, you will need to have more deductions than…
Lower Taxes on Your RMDs
By Sandra Block From Kiplinger’s Personal Finance When confronted with a task that’s necessary but joyless, it’s human nature to put it off until the last minute. And for some retirees, taking withdrawals from their retirement savings accounts is another chore that falls to the bottom of their to-do list. Investments in traditional Individual Retirement…
How to Get the IRS to Waive Your Tax Penalties
Sometime after your tax time, you may get a letter from the Internal Revenue Service (IRS) stating there is a problem with your tax forms and taxes you paid—or failed to pay. The letter may also say that you have a tax penalty. The good news is that you may have made a simple mistake…
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