Taxes

When the Tax Cuts and Jobs Act of 2017 became law, estate tax exemptions got a substantial boost. The amount each individual could pass on free of federal estate taxes jumped from $5,490,000 in 2017 to $11,180,000 in 2018.  That amount has increased each year since then based on...

With the end of the year in sight, lots of plans are being made—what gifts to buy, what the menu will be, and how to shed the extra weight that will inevitably be acquired. But part of your holiday planning needs to include a year-end investment checkup so you...

In 1983, the United States changed the rules of engagement when it unveiled the first Stealth Aircraft—the F-117 Nighthawk. The goal was to make a plane that was undetectable to the enemy. The new design didn’t make it completely invisible to radar, but it made detection much more difficult. It’s...

To modify an old journalism adage, “When a state raises taxes, that’s expected. But when a state lowers taxes, that’s news!” And, believe it or not, there are some states doing just that in 2021. Yes, across the United States taxes are still going up in lots of places. According...

Hey! It’s just an IRA. What is there to know? You put money in and it’s a tax deduction, you get to take it out after 59 ½ without paying a penalty, and at 72 the IRS makes you take some out. What else could there be? In reality, there’s...

Let’s update some two-thousand-year-old tax advice—Give to Caesar what belongs to Caesar, but don’t give him more than that. Today, tax deductions and credits help determine how much Caesar gets. As an old guy told me a long time ago, “If it’s in the IRS code, it’s there to...

Your company offers a Flexible Spending Account (FSA) that allows money to come out of your check before taxes and then you use that money to pay for eligible out-of-pocket healthcare expenses. In 2022 you can contribute up to $2850. Great deal, right?   But there’s a downside to Flex Spending...

Believe it or not, the penalty for failing to file a tax return exceeds the penalty for failing to pay your taxes. Filing an extension is a way to make sure you don’t fall into the bad graces of the Internal Revenue Service. I’ve talked to lots of folks who would rather give up...

The IRS wants its tax money and it wants it now. Even if you pay all the taxes you owe when you file your tax return for the year, you’ll be charged an underpayment penalty if you didn’t pay enough taxes during the year. The provision to hire 87,000 new...