When Is Employer-provided Life Insurance Taxable?
If your employee benefits include group term life insurance paid by your employer, a portion of the premiums paid for the coverage may be taxable. Depending on the amount of coverage you’re provided, some of it may create undesirable income tax consequences for you. The cost of the first $50,000 of group term life insurance […]
Offset Nursing Home Costs With Possible Tax Breaks
If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know that several tax breaks may be available to help offset some of the costs. Medical expense deductions The costs of qualified long-term care (LTC), such as nursing home care, may be deductible as […]
Beware of “Wash Sales” When Selling Securities
If you’re planning to sell stock or other securities at a loss to offset gains you realized earlier in the year, beware of the “wash sale” rule. It comes into play when an investor wants to realize a loss on a security for tax purposes while continuing to invest in the security. Under the wash […]
Year-end Gifts And The Gift Tax Annual Exclusion
With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using your gift tax annual exclusion, those gifts can reduce the size of your taxable estate. For 2022, the annual exclusion is $16,000. The exclusion will increase to $17,000 for 2023. […]
What’s Your Taxpayer Filing Status?
For many people, December 31 means a New Year’s Eve celebration. However, from a tax perspective, it’s a key date in determining the filing status you’ll use when filing your tax return for the year. The one you’ll use depends partly on whether you’re married on that date. The five statuses When you file your […]
6 Key Tax Questions for 2023
Right now, you may be more concerned about your 2022 tax bill than you are about how to handle your personal finances in the new year. However, as you deal with your annual tax filing, it’s a good idea to also familiarize yourself with pertinent amounts that may have changed for 2023. Not all tax […]
SECURE 2.0 Law May Make You More Secure In Retirement
A new law was recently signed that will help Americans save more for retirement, though many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) is meant to build on the original SECURE Act of 2019, which made major changes to the […]