Tag: Taxes

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, […]

How to Pay Your Taxes Online

FreeTaxUSA: A popular free tax service that, similar to the IRS Free Filing tool, lets you e-file your federal return for free directly to the IRS. You can also file state returns for just $15. Although FreeTaxUSA is super affordable, it includes services for more complicated filings, like home ownership, investments, and small businesses. Cash […]

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 […]

How to turn stock market losses into tax savings

Stock market losses are never pleasant—whether through direct equities or mutual funds—but they offer a rare silver lining: the potential to reduce your tax liability through capital loss set-offs. Here’s how savvy investors can use this to their advantage. Set-off against gains Capital losses can be set off against capital gains, allowing investors to reduce […]

Here’s how to reduce a ‘tax bomb’ on an inherited IRA

Greg Hinsdale | The Image Bank | Getty Images If you’ve inherited a pretax individual retirement account since 2020, you could face a sizable tax bill without proper planning, experts say.  Previously, heirs could take inherited IRA withdrawals over their lifetime, known as the “stretch IRA.” However, the Secure Act of 2019 enacted the “10-year […]

How To Give Away A $500,000 Comic Book Collection

Seven decades after he became addicted to Superman, Gary Prebula’s collection of graphic novels and comics has a permanent home at the University of Pennsylvania library. The collection is now going through more processing, by both librarians and by an appraiser hired by the Prebulas. (While the collection is worth north of $500,000, it’s up […]