Here’s who qualifies and how to claim it
Coroimage | Moment | Getty Images If you worked remotely in 2024, you may be eyeing the home office deduction. However, qualifying for the tax break may be harder than you expect, experts say. Only 7% of companies allowed fully remote work in 2024, down from 21% in 2023, according to a ZipRecruiter survey that […]
Here’s how to get a faster tax refund this season, experts say
Andreswd | E+ | Getty Images It’s official: Tax season is open for individual filers and the IRS has started to process 2024 tax returns. If you’re expecting a refund, there are key things to know, according to tax experts. “There are some very simple tips to get the fastest refund possible,” said Mark Steber, […]
House Republicans divided over how to pay for Trump’s tax cuts
U.S. House Speaker Mike Johnson (R-LA) listens to remarks during a House Republican leaders press conference at the U.S. Capitol House in Washington, U.S., November 12, 2024. Nathan Howard | Reuters Republicans who control the U.S. House of Representatives are trying to overcome internal differences on how to pay for President Donald Trump’s sweeping tax […]
There’s a big inherited IRA change in 2025. How to avoid a penalty
Greg Hinsdale | The Image Bank | Getty Images Inheriting an individual retirement account is a windfall for many investors. However, a lesser-known change for 2025 could trigger a costly surprise penalty, financial experts say. Starting in 2025, certain heirs with inherited IRAs must take yearly required withdrawals while emptying accounts over 10 years, known […]
Here’s how to pay for taxes on your Roth IRA conversion, advisors say
Srdjanpav | E+ | Getty Images More from FA Playbook: Here’s a look at other stories impacting the financial advisor business. When a Roth conversion is completed, you’ll owe regular income taxes on the converted balance, based on your current-year taxable income. Ideally, you’re “managing the tax bracket,” said CFP Jim Guarino, managing director at […]
Here’s how to maximize your tax breaks for charitable giving
Mixetto | E+ | Getty Images As year-end approaches, you may be eyeing a donation to charity — and certain gifting strategies can boost your tax break, experts say. In 2023, U.S. charitable giving hit $557.16 billion, up roughly 2% compared to 2022, according to Indiana University Lilly Family School of Philanthropy’s annual report released […]
How to leverage the 0% capital gains bracket as bitcoin surges
Hispanolistic | E+ | Getty Images Crypto investors could face higher taxes amid the surging price of bitcoin. But if you’re in the 0% capital gains bracket, you can reduce future taxes with a lesser-known strategy, experts say. The tactic, known as tax-gain harvesting, is selling profitable crypto in a lower-income year. You can leverage the […]
The stakes on tax policy are high as the election nears. Here’s how to prepare
Investors have a close eye on the Nov. 5 presidential election, but Congressional contests deserve attention — as they could shape tax policy and the next steps investors take to prepare. “Whatever happens with the election next week, it’s still going to take time for some significant tax law to come through,” said Stephen Bigge, […]
How to leverage higher income limits for the 0% capital gains bracket
dowell | Moment | Getty Images The earnings limit for the 0% capital gains bracket will rise in 2025, which could offer tax planning opportunities, financial experts say. At sale, profitable assets owned for more than one year qualify for lower taxes — known as long-term capital gains. Those rates are 0%, 15% or 20%, […]
Here’s how to know if active ETFs are right for your portfolio
Izusek | E+ | Getty Images Exchange-traded funds are generally known for passive strategies. But there has been a surge in actively managed ETFs as investors seek lower costs and more precision, experts say. Active ETFs represented just more than 2% of the U.S. ETF market at the beginning of 2019. But these funds have […]