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A couple got divorced in Nevada in 2011. Their agreement provided for tax-free transfers of property as well as spousal support. One spouse made payments on the other’s Sallie Mae student loans and ...

As 2018 draws to a close, consider taking certain actions to favorably impact your tax bill for the year. Here are 10 things you can still do: 1.    Review withholding and estimated taxes If ...

A high school senior with a perfect attendance record and good grades was entered by the school into a “Strive to Drive” drawing held by a local car dealership. She won a Jeep Renegade valued at o...

Tax legislation—the SECURE Act in December 2019 and the CARES Act in March 2020—each contain rules impacting IRAs. Because of law changes, there is much confusion about what to do with these accou...

Tax-exempt dividends represent interest earned by ETFs or mutual funds holding tax-exempt bonds. Thus, the dividends are reported as tax-exempt interest on the federal income tax return (line 2a of Fo...

For purposes of determining whether an employee fringe benefit is taxable to the employee, the same rules apply whether the employers are tax-exempt organizations or private sector businesses. If the ...

The key feature of the new law signed by the President on December 27 ,2020, is a second stimulus payment to individuals. The payment is $600 per individual (compared with the initial payment of $1,20...

It depends. Damages received on account of a personal injury that isn’t a physical personal injury are fully includible in gross income. Only compensatory damages for personal physical injury are ta...

As wages pick up and the Federal Reserve tapers down (it buys fewer Treasuries), the rate of inflation has climbed to levels not seen in many years. The consumer price index was up 5.4% for the 12 mon...

Transportation fringe benefits, which include free parking, transit passes, and van pooling, may be funded either by the employer as a tax-free benefit up to a monthly dollar limit ($280 per month in ...