Wills and trusts are common documents used in estate planning. While each can help in the distribution of assets at…

Establishing credit   You must first establish a credit record if you want to have ready access to loans when…

  Source: Social Security Administration, Office of the Chief Actuary, Benefits in Current Payment Status, June 2016  

If you take a distribution from your IRA intending to make a 60-day rollover, but for some reason the funds…

If you rent your principal residence to others for fewer than 15 days per year, any rental income you derive…

Answer: Yes. Series EE bonds (which may also be called Patriot bonds) are generally inexpensive, low-risk investments whose earnings are…

Answer: As the surviving spouse, you have several filing choices that may be appropriate. You may be able to choose…

In tax lingo, your principal residence is the place where you legally reside. It’s typically the place where you spend…

The Protecting Americans from Tax Hikes (PATH) Act of 2015 In one of its final actions for calendar year 2015,…

Answer: You may be able to deduct all or part of the student loan interest you’ve paid during the year,…

Taxes, like death, are inevitable. But why pay more than you have to? The trick to minimizing your federal income…

Answer: In general, life insurance proceeds paid to you because of the death of the insured are not subject to…

To determine your basis in an asset for purposes of calculating capital gain or loss upon the sale or other…

Answer: To determine your basis in property you received as a gift, you must know the property’s adjusted basis to…

What are the tax implications of child support payments? Answer: When a separation or divorce occurs and the couple involved…

Special rules commonly referred to as the “kiddie tax” rules apply when a child has unearned income (for example, investment…

Federal Tax Bracket   15%  25%  28%  33%  35% Taxable yield Equivalent Tax-Free Yield 2% 1.70 1.50 1.44 1.34 1.30 2.5%…

  Comparing taxable and tax-free yields involves making sure you understand a bond’s tax status. The interest on corporate bonds…

When selling your interest in a business, you must consider a number of factors. One very important factor is taxation.…

Capital gains tax is imposed on gains realized from the sale of capital assets such as a home, an investment,…

Who should file the return? Estate representative If a court has appointed a personal representative or other estate administrator, that…

Federal Gift and Estate Tax Year Applicable Exclusion Amount Highest Tax Rate 2009 $1 million for gift tax purposes $3.5…

The act of giving away your property, either during life or at death, will probably be subject to one or…

Your chances of requiring some sort of long-term care increase as you age, and long-term care insurance (LTCI) can help…

I receive disability insurance payments. Are they taxable? Answer: Federal income taxation of disability insurance benefits depends on what type…

Taxation of Investments It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill…

My spouse passed away this year. When I file my taxes, what filing status should I claim? Answer: As the…

When it comes to federal income tax, there are few subjects capable of causing as much confusion as the AMT.…

Do I have to pay an additional tax on investment income? You might, depending on a few important factors. A…