Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this
Taxes Archives - Crawford Ellenbogen
What might be ahead as many tax provisions are scheduled to expire?
- By Victor Dozzi
- Taxes
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You may be entitled to tax breaks if caring for an elderly relative
- By Joan Ellenbogen
- Taxes
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There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies
Mar 15, 2024
April 15 is the deadline to file a gift tax return
- By Joan Ellenbogen
- Taxes
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Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. It’s due by April 15
Dec 5, 2023
4 ideas that may help reduce your 2023 tax bill
- By Joan Ellenbogen
- Taxes
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If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you
Nov 29, 2023
What you need to know about restricted stock awards and taxes
- By Joan Ellenbogen
- Taxes
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Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive. But with restricted stock, if the stock price goes down, your
Nov 14, 2023
Are scholarships tax-free or taxable?
- By Joan Ellenbogen
- Taxes
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With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as
Nov 9, 2023
Casualty loss tax deductions may help disaster victims in certain cases
- By Victor Dozzi
- Taxes
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This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there
Aug 15, 2023
Pocket a tax break for making energy-efficient home improvements
- By Victor Dozzi
- Taxes
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An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to
Aug 10, 2023
Can you deduct student loan interest on your tax return?
- By Joan Ellenbogen
- Taxes
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The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your
Aug 2, 2023
Moving Mom or Dad into a nursing home? 5 potential tax implications
- By Victor Dozzi
- Taxes
- 0 Comments
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care,