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No. Medicare benefits are tax free; they don’t count as income for determining filing and are not taxed. What’s more, Medicare premiums are tax deductible if you itemize your personal deductions a...

Even though 2015 has ended, there are still some actions you can take to reduce your tax bill for 2015. 1. Contribute to a traditional IRA If you have earned income from a job or self-employment...

Your federal income taxes are the basis on which you can obtain student loans, get a mortgage, or obtain financing for a small business. Depending on the reason for the information, you may need to fu...

For federal estate tax purposes, an estate tax return is required to be filed if the value of the estate on the date of death exceeds the exclusion amount (e.g., $5.45 million for someone dying in 201...

It's summertime and many families are using vacation homes for relaxation. However, this isn't true for everyone. If you own a second home and are no longer content to use it only occasionally for you...

Yes. Gain on the sale of your principal residence is tax free to the extent of your home sale exclusion. The basic exclusion of $250,000 ($500,000 on a joint return) applies only if you owned and used...

Interest on federal savings bonds is taxable; the portion of the redemption representing principal (your initial cost for the bond) is not. If bonds (Series EE and I) are issued after 1989 and rede...

Unfortunately, no. Of course, you are free to make donations to whomever you choose,  but the tax law limits deductible contributions to those made to 501(3)(c) organizations. Explore the organizatio...

Hurricanes Harvey and Irma have demonstrated how easily tax records can be lost. What can you do to protect them? And what if you lose valuable documentation? Document key information Organizati...

According to the U.S. Census Bureau, two thirds of American workers don’t put money into a retirement plan at work, either because they aren’t offered one or they choose not to contribute. The res...