Newsroom
For 2022, the federal estate tax exemption is $12.06 million (effectively $24.12 million for a married couple). With such a generous exemption, you might assume that you don’t need to worry about the federal estate tax if you die. Plus, after taking a beating in the stock market this year, the… Read more
In today’s tough economy, you may find yourself struggling to cover your day-to-day expenses. But rising interest rates are making traditional loans more expensive. In such an environment, you might consider borrowing funds from your 401(k) retirement account, if your plan permits it. But you’ll…
Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had reached agreement on a healthcare, climate and tax bill, the U.S. Senate on August 7 approved the Inflation Reduction Act on a party-line vote, with all 50 Democratic Senators voting for the legislation and…
How high can you jump? To claim a deduction for medical expenses on your personal tax return, you have to clear an annual hurdle imposed by the IRS. Although the bar was lowered a few years ago, it still takes a significant leap to clear this threshold. Fortunately, you may be able to count on more…
Have you been contacted by a charity that pulls on your heartstrings and persuades you to open your wallet? There are a multitude of reputable charities doing good deeds and supporting worthy causes. But be aware of a proliferation of scams designed to separate you from your hard-earned money…
Inflation has been surging this year. The July 2022 consumer price index (CPI) was up 8.5% year over year, according to the latest data from the U.S. Bureau of Labor Statistics. The rate of inflation is expected to stay high for at least the rest of the year. Many taxpayers are understandably…
Senator Krysten Sinema (D-Ariz) announced late August 4 that she would support the Inflation Reduction Act, the Biden administration’s climate and healthcare bill, paving the way for passage of the bill on a party-line vote that would require a tie-breaking vote by Vice President Kamala Harris.
In what many see as an unexpected development, Senator Joe Manchin (D-W.VA.) on July 27 announced that he had reached an agreement with Senate Majority Leader Chuck Schumer (D-NY) on new legislation - the Inflation Reduction Act of 2022 - which is intended to address inflation by paying down the…
The 2022 tax year is well underway, and year end will be here before you know it. Summer is a good time to take proactive steps to help reduce the current year's tax bill. Here are some federal tax-planning strategies to consider.