Don't Mess With Taxes

I love Santa Claus, but even the Jolly Old Elf isn’t magical enough to provide the tax solutions you asked for in your letter to him. You’re going to have to make some tax moves, like the 10 below, yourself. (Photo by Kaboompics.com) Ho, Ho, Holy Moly! December sure got here quickly! Thanks to the 2024 calendar, we (or at least I) haven't even had time to sufficiently recover from Thanksgiving. But time, and taxes, march on, meaning we’ll just have to deal with a compressed holiday schedule as best we can. I hate to be the Tax Grinch adding... Read more →

Okay, one more turkey, but the Thanksgiving dinner version. To go along with the leftovers from this meal, below is a wrap-up (sans foil) of last week’s Five Tax Turkeys to Avoid. (Photo by cottonbro studio) How are you doing this post-Thanksgiving weekend? Still feeling a bit stuffed, and now looking at way too many leftovers? With the 2024 calendar pushing Turkey Day to the end of November, maybe you can repurpose some of the excess food for the Christmas gathering that will be upon us in less than a month. But rather than worry right now about the next... Read more →

In addition to donating cash to your favorite charity, there are other ways to give. Here are three alternative charitable giving options. (Photo by Mark John Hilario) 🦃 Happy 🍗 Thanksgiving! 🦃 Millions of Americans gather today with family and friends to give thanks for all the good things in their lives. This November holiday also is a major fundraising time for charities. Donations to nonprofits that help those in need — shelters, food banks and other meal programs, support services for those needing special services — increase this time of year. Technically, these donations could provide donors a tax... Read more →

You have two main deduction options when you file, standard or itemizing. This gobbler duo represents that choice, which you make each year, based on which gives you the most beneficial tax result. You can make sure you make the most of your deductions by having a bunching strategy. (Photo by sterlinglanier Lanier on Unsplash) Deductions are one way to trim you tax bill. But since the Tax Cuts and Jobs Act (TCJA) of 2017 essentially doubled the standard deduction amounts, most taxpayers claim that set amount instead of collecting receipts and itemizing. That’s the wisest tax move for most... Read more →

If you've met or exceeded your IRA savings target, a Qualified Charitable Distribution, or QCD, might be worth considering. This month, millions of U.S. residents gather with family and friends. But you can help others find thing to be thankful this Thanksgiving season by donating to charitable organizations. Gifts typically are cash, which in Internal Revenue Service parlance includes those made by check and credit card. If the tax agency rules are met, the donations also might be tax deductible. But some older philanthropists have another option. They can give part or all of their required minimum distribution, or RMD,... Read more →

Photo by Jill Wellington Thanksgiving, of course, is the main focus this month. We spend the days leading up to the holiday thinking about what we’re going to cook, or eat if someone else is doing the kitchen heavy lifting. And figuring out a tactful way to deal with that, shall we say, out-there uncle. Good luck! November is also a great month to make sure we don't fall afoul of tax turkeys. To prevent that, there are some tax moves you can make this month. Since it’s already four days into the month — my bad; I got caught... Read more →

Whether your dream retirement is traveling the world or enjoying your own backyard, you need to save now so you can enjoy it. One way to ensure your post-work years are golden is to take full advantage of tax-favored retirement plans. Regardless of who wins the White House, the Social Security system is going to get a lot of attention in the coming years. The aging population, combined with the much ballyhooed birth dearth, is going to put more pressure on Uncle Sam’s retirement program. Even if the new president and Congress can agree on ways to bolster Social Security,... Read more →

Hurricane Milton seen from the International Space Station on Oct. 8 as it approached the Big Bend of Florida. Milton made landfall as a Category 3 near Siesta Key late Oct. 9. (Photo by NASA/Michael Barratt, Public Domain) It’s been a horrific hurricane season. More than 300 people have lost their lives due to storms in the United States, Mexico, and the Caribbean. Millions in the United States alone have lost at least some property. Some have lost everything. Federal officials are offering assistance to hurricane victims, but misinformation has created problems in delivering that help. The Federal Emergency Management... Read more →

Photo by Katt Yukawa on Unsplash Crowdfunding, a personal way of raising money that’s been supercharged by social media’s reach, has tax implications. Most of us are familiar with charitable crowdfunding. Expect to see a lot more of that in the wake of natural disasters, with solicitations by individuals and groups looking for help for themselves or others. In addition to charitable fundraising, there also are lots of online financial solicitations by and for businesses. Regardless of the crowdfunding reason, the Internal Revenue Service notes that distribution of the funds may be includible in the gross income of the person... Read more →

“Oh, yeah. That’s the spot,” seems to be what this Chow Chow is thinking as he’s getting a neck rub from his owner. (Photo by Omid Armin on Unsplash) Happy National Dog Day! Or, for canine lovers, the 239th day of Dog Year 2024. Personally, I’m a cat fan. But many of my relatives are pooch parents. And let’s be honest, whatever creature you choose to welcome into your home, the animals are part of your family. So, we should be able to claim them as dependents, right? Sorry, but wrong. The Internal Revenue Service probably is full of pet... Read more →

If you bought your youngsters new back-to-school clothes, you’re probably looking for ways to dispose of the older outfits. Many parents take advantage of hand-me-downs, either within their own immediate family or sharing with other relatives or friends. Others donate the old, outgrown clothes. Giving them to a charity could be a win-win. The nonprofits' recycling not only helps those looking for bargain priced apparel, but in some cases it provides a tax break to filers who itemize. 2017 tax rule changes: That donation deduction, however, hasn’t been claimed as much since enactment of the Tax Cuts and Jobs Act.... Read more →

Updated Tuesday, July 9, 2024 Residents whose lives are disrupted by a major disaster are targets. So are those who want to help. Either way, don’t become a victim. Hurricane Beryl, the second named storm of the 2024 tropical storm season, made her third landfall early today along the Texas Gulf Coast. The good news is that Beryl was a category 1 when it blasted into the Lone Star State. That's far less powerful than the category 5 it reached on its travel through the Caribbean and Gulf of Mexico. The bad news is that Beryl was still a hurricane.... Read more →

Unsplash+ in collaboration with Olivie Strauss Hello, July! We are soooo ready for this first full month of official summer. This first week of July will be a short one for many of us. We’ll be taking advantage of July 4 falling on Thursday, making it an extra-long Independence Day holiday weekend. But once the fireworks are over, it’s back to the regular grind where we never are independent of taxes. That’s why we also need to also make some time in July for tax moves. Here are five to consider. 1. Get ready for disastrous weather. Even though I’m... Read more →

Unsplash+ in collaboration with Leire Cavia Juneteenth commemorates a key stage in the end of slavery, June, 19, 1865. That’s the day when official word arrived in Galveston, Texas, that President Abraham Lincoln had signed the Emancipation Proclamation 2½ years earlier. But even as we celebrate the newest U.S. federal holiday, we are aware that work remains to ensure fairness throughout the country. The latest challenge involves Fearless Funds, an Atlanta-based venture capital (VC) firm's nonprofit grant program. Grant issuance was halted this month by a federal appeals court panel ruling. Grants program, lawsuit background: Fearless Funds was sued last... Read more →

U.S. troops landing on Normandy Beach, D-Day 1944. (U.S. Coast Guard archives) Today, June 6, is not an official holiday. But it is a day worth commemorating, especially as there are so few people left who were part of D-Day 80 years ago today. More than 160,000 Allied troops were part of the largest seaborne invasion in history on June 6, 1944, launching the beginning of the invasion of German-occupied western Europe. It led to the freeing of France from Nazi occupation and was a key to the Allied victory in World War II. “The price of unchecked tyranny is... Read more →

June is here! Summer officially arrives in a few weeks. And many of us already are making vacation plans. Great! Have fun. But also make some time this month to deal with tax tasks. Really. Taxes definitely aren’t a day at the beach, but some summer tax moves can help make next year’s filing easier, and potentially less costly. Here are five tax moves to make, or at least consider, this June. 1. Pay your estimated taxes. Millions of us must make these extra tax payments each year. The payments cover income we get that’s not subject to withholding, such... Read more →

April 15 was Tax Day for most of us. That included President Joe Biden and First Lady Jill Biden, as well as Vice President Kamala Harris and Second Gentleman Doug Emhoff. When Biden and Harris took office, they reinstated the annual tradition of our country's top elected officials voluntarily releasing their tax filings. The 2023 tax year returns of the Bidens and Harris/Emhoff earn this weekend's Saturday Shout Out. You can see the details at the White House's official Tax Returns online page. In addition to this year's filings, there are links to the returns filed by the president and... Read more →

Did you turn 73 last year? Belated happy birthday wishes. Now here's an important tax question about that septuagenarian celebration. Did you take your first required minimum distribution (RMD) from your tax-deferred retirement funds by the end of 2023? If the answer is no, then you've got to withdraw that mandated amount by next Monday, April 1. No fooling. Miss that RMD deadline date, and you'll owe Uncle Sam more money than just the tax due on your withdrawal amount. Ending tax deferral days: The Internal Revenue Code offers myriad tax benefits for retirement savers. Several of them provide tax-deferred... Read more →

The Internal Revenue Service IRS is expected to process more than 160 million individual and business tax returns this filing season. Through March 15, the IRS had received nearly 71.6 million individual returns. Some taxpayers probably put off filing in the hopes that the Tax Relief for American Families and Workers Act would be enacted by Tax Day. Several of its provisions could help both personal and business filers. Whether that will happen is still unclear, as the tax bill that cleared the House has hit a lot of speed bumps in the Senate. Other taxpayers, however, aren't that concerned... Read more →

Unsplash+ in collaboration with Getty Images Spring officially arrived at 11:06 p.m. March 19. Have you finished your spring cleaning yet? Me neither. But I have started. To be honest, it was prompted when the hubby and I had some work done to our house. With the structure getting some sprucing up, it only seemed natural to replace some interior items. The next question was what to do with the old stuff? For many, a yard sale is a good way to get rid of unwanted but workable items. But those who don't want to spend a Saturday haggling with... Read more →