News & Insights
Understanding Personal Tax Credits
Have you ever thought that you're paying too much income tax? You may be, if you're not claiming all of the tax credits for which you are eligible when you file your federal tax return. These credits may significantly reduce your tax liability.What is a tax credit? A...
What is the Estate Tax?
The estate tax is a tax on property that is transferred to others upon your death. Estate taxes are assessed on the total value of your estate — your home, stocks, bonds, life insurance, and other assets of value — that is over the applicable exclusion amount....
The Tax Play That Saves Some Couples Big Bucks
Spencer Phillips, a 39-year-old orchestral musician who plays the bass violin, loves and trusts his wife of 10 years—but he refuses to file a joint income-tax return with her.Instead, Mr. Phillips and his wife opt into the “married, filing separately” status, called...
9 Unexpectedly Powerful Insights From Doing Our Taxes
It’s the dreaded tax time, when we brace for the bad news of how many of our hard-earned dollars are going to the government. But going through the process of collecting all this financial information about the past year can be so much more than just tax prep.It can...
Avoid an Audit by Knowing These 6 Red Flags
Key Takeaways Overvaluing home office expenses and donated goods are red flags to auditors.Simple math mistakes and failing to sign your tax return can also trigger audits. The odds of an audit increase with six-figure incomes, but under-reporting your earnings is...
Why a Healthcare Bucket for Your Retirement Portfolio Makes Sense
Healthcare costs consume a growing share of retiree budgets over time. Because they typically rise at a rate higher than inflation, do healthcare expenses deserve their own bucket within the portfolio?Some experts say yes, that from a behavioral and financial...
2023 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. For example, you may be...
Tax Incentives for Motor Vehicles
Three federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles). The new clean vehicle tax credit can be either a personal or a general business tax credit, depending...
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