7 Tax Breaks for Parents

7 Tax Breaks for Parents

It is challenging and expensive to be a parent. The average annual cost of raising a child in the United States is $21,681, after factoring in tax exemptions and credits, according to a 2023 study published by Lending Tree. That is an increase of roughly 19% from 2016...
Year-End Tax Planning Tips for Individuals

Year-End Tax Planning Tips for Individuals

As the holidays approach, it is time to consider tax planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears there will not be any significant unfavorable federal tax changes...
Will Your Crypto Transactions Be Reported on a Form 1099?

Will Your Crypto Transactions Be Reported on a Form 1099?

Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency transactions — especially when it comes to issuing and receiving a Form 1099 for 2023. If you buy something with cryptocurrency, you will not receive one. However, you may...
Update on Retirement Account RMDs

Update on Retirement Account RMDs

If you have a tax-favored retirement account, you generally must take required minimum distributions (RMDs) each year after you reach the “magic” age. If you do not take RMDs, you will be hit with an expensive federal tax penalty, unless an exception applies. (See...