Articles
One Reason to File Your 2023 Tax Return Early
The 2023 individual income tax return filing season opened on January 29th. If you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft. In a tax identity theft scheme, a…
Read MoreOne-Time Thing: IRA to HSA transfer
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as much…
Read MoreTips on the Tax Treatment of Gifts
Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen), money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts: 1. The annual exclusion…
Read MoreMinimizing Capital Gains Tax on Sale of a Home
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single…
Read MoreA Tax Checklist for Newly Married Couples
Summer is the wedding season and newlyweds should understand how tying the knot can affect their tax situation. Here are three things newly married couples should know: 1. Name and address changes Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s…
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