Capital Gains Tax on Home Sales: What Homeowners Often Get Wrong
Most homeowners owe nothing on a home sale — the IRS excludes up to $500,000 in gains — but gains above that threshold, depreciation recapture, and NIIT catch sellers off...
2012 Estate Tax Changes
After almost 12 years of constant changes in the estate tax, ATRA creates certainty on the estate and gift tax.
The American Opportunity Tax Credit for College Tuition
The American Opportunity Tax Credit is a credit that is worth as much as $2,500 for each student.
Adoption Credit and Assistance Made Permanent
Adopting a child can be very expensive, but the government gives adoptive parents a break by allowing for tax relief for the costs associated with adoption.
New Healthcare Taxes: Hospital Insurance Tax on High-Income Individuals
The hospital insurance tax is a payroll tax that is deducted from a person’s paycheck, and it is most commonly known as the Medicare tax.
Expiration of the Payroll Tax Holiday
Social security is funded by payroll tax, which means that money is taken out of your paycheck in order to fund the retirement program.
Changes in The Itemized Deduction for Medical Expenses
One thing that is clearly materializing, however, are a host of new limitations on deductions that effectively increase the medical expenses for many.
Reinstatement of Charitable Distributions from the IRS
Under the reinstated rules for charitable distributions, Americans are permitted to make a gift to a charity up to $100,000 per year directly from their IRA
Annual Inflation Adjustment for the Alternative Minimum Tax
he alternative minimum tax, or AMT, was originally created in 1969 in order to make sure that wealthy Americans were not able to escape their tax liability.
Increases in Estate Tax and Gift Tax Rates
The estate tax, also commonly called the death tax, is a tax paid when a person dies and his or her money or assets are inherited.
Tax Increases on Capital Gains and Dividends
Recently capital gains have seen tax increases as part of the efforts by President Barack Obama to raise revenue for government spending and debt reduction.
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Child Tax Credit Expansion Guide for 2024
The child tax credit expansion gives families up to $2,000 in payments, offering real financial relief for low- to middle-income households in 2024.
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