Federal Tax News for Individuals
Taxes can affect your passport Seriously delinquent tax debt (SDTD) could put your passport at risk (unless an exception applies). SDTD is a legally enforceable, unpaid federal tax assessment. [...]
Riding the Tax Break Train: Maximizing Employee Transportation Fringe Benefits
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s [...]
New ID Requirements for U.S. Travel
You may soon be unable to pass through security checkpoints at your local airport using your current form of identification, even if you're flying domestically. The crackdown is aimed [...]
Dispelling 10 Federal Tax Myths and Misconceptions
In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners and high-net-worth individuals. Here's a look [...]
Excess Business Loss
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 [...]
The 2024 Gift Tax Return Deadline is Coming Up Soon
If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in [...]
How to Trim Your 2024 Taxes by Contributing to a Retirement Plan in 2025
Many types of retirement plans allow contributions to be made after year end. And last-minute retirement contributions can be a powerful strategy: You can lower your 2024 taxes while [...]
Can I Itemize Deductions On My Tax Return?
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because [...]
A Deduction for Energy-Efficient Buildings Has Been Enhanced
The Inflation Reduction Act (IRA), which was enacted in 2022, significantly enhanced the Section 179D deduction for energy-efficient commercial building improvements. The enhancements are for improvements placed in service [...]
Financial Relief for Families: The Benefits of the Child Tax Credit
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it [...]
Reporting Digital Assets on Your 2024 Tax Return
A current IRS hot button is federal income tax reporting of digital-asset transactions. The government is concerned that some taxpayers fail to report the results of digital-asset transactions on their federal [...]
Taming the Tax Tangle If You’re Retiring Soon
Taming the tax tangle if you’re retiring soon Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long [...]
Test Your Money Smarts!
At what age can you generally start withdrawing from a traditional IRA without a tax penalty? A) 55 B) 59½ C) 62 D) 65 Question 2: Insurance What type [...]
Do You Know the Tax Consequences of Gambling
Gambling can be a fun pastime or a serious professional endeavor. Either way, winnings are taxable income. Yet, as recently reported by the Treasury Inspector General for Tax Administration (TIGTA), [...]
Federal Estate and Gift Tax Outlook 2025
The Tax Cuts and Jobs Act (TCJA) significantly increased the unified federal estate and gift tax exemption through the end of 2025. However, for 2026, it's currently scheduled to [...]