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Federal Tax News for Individuals

What’s Happening in Congress with Proposed Tax Laws? The $3.5 trillion “human infrastructure” bill is progressing through Congress. The House Ways and Means Committee voted September 15 to advance legislation that would raise taxes on wealthy Americans and corporations. The proposed law, called the Build Back Better Act, will help fund President Biden’s plans for

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Learn the Tax Score for Fantasy Sports

Football season will be kicking off soon. Beware: If you participate in fantasy sports leagues for money, there may be tax implications related to these activities. For instance, you may enter fantasy sports competitions offered by sponsors like FanDuel and DraftKings where you can win or lose money daily or weekly based on the performance

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Selling Real Estate on the Installment Basis

Do you own real estate that will produce a big capital gain when you sell it? Fortunately, you may be able to realize significant tax benefits by negotiating an installment sale of the property. However, there are several potential tax traps to avoid. How do you qualify for installment sale reporting? It’s relatively easy. All

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Reap Tax Rewards from Securities Harvest This Fall

With autumn coming up in a couple months, it’s time to think about “harvesting” capital gains or losses from sales of securities. In addition, unfavorable tax law changes proposed in President Biden’s American Families Plan (AFP) may create an added sense of urgency for some taxpayers. The Basics When you sell securities and other capital

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Tackling Tax Issues if You’re an Estate Executor

When a loved one passes away, the executor¬†of the deceased person’s estate is charged with handling the estate’s financial affairs. If a loved one dies without a valid will, the probate court will appoint an “administrator” to handle these chores. Here’s an overview of tax forms that may need to be filed for the estate,

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How Virtual Currency Transactions Affect Your Tax Situation

Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you. With increasing market acceptance and the skyrocketing price

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4 Tax-Saving Credits for Families

Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis. Plus, recent legislation has enhanced some of the credits for 2021. Here’s an overview of four key tax credits for families that are currently on the books. 1. Child Credit Through 2025, eligible parents could

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How Virtual Currency Transactions Affect Your Tax Situation

Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you.

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Last-Minute Tips for your 2020 Tax Return

Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return until October 15, but you can’t extend the deadline for paying what you owe without penalty.) Unfortunately, many people are struggling to make ends

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New Appropriations Act includes Disaster Tax Relief

You’ve probably heard about the massive new Consolidated Appropriations Act (CAA), which provides direct payments to eligible individuals and contains other provisions to help mitigate the effects of COVID-19. But it also provides several tax-relief measures related to qualified disasters.

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