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If you’re thinking about conveying property to a family member or business entity that you own, then you might need to be aware of a few certain tax implications. The IRS refers to these types of transactions as “related party ...

Everyone loves prizes! But when it comes to prize taxability, you might end up sharing some of your winnings with the IRS. Understanding the implications of banking a big win can help you prepare when tax season comes.

In the eyes of the IRS, your annual income has two different categories: earned income and unearned income. This is important because your money will be taxed at different rates depending on where it’s coming from. Sound confusing? Let’s ...

Having to juggle medical bills along with everything else in your family’s spending can be pretty challenging. So when those medical expenses start piling up, you need to know how to protect your budget. Exploring your options with a ...

Whether you’re on the verge of saying "I do" or have just recently celebrated your journey into marriage, there are some crucial tax insights that every newlywed needs to know. If you want to navigate the tax landscape with ...

Optimizing your tax situation requires proactive planning and a keen understanding of the ever-evolving tax landscape. There’s also the question of the rising and falling interest rates. If you aren’t roughly aware of the events that can trigger shifts ...

Once the tax season is well behind you, there’s usually a sense of relief! But that isn’t always the case. Encountering a tax return error can raise a lot of questions, starting with whether an amended return will even ...

Everyone should be paid what they’re rightly owed. Unfortunately, bad debt still happens. If you’re in this type of situation, the tax ramifications can go one of two ways. They’ll either work in your favor to lower your tax ...

Receiving a tax refund can be a great financial boost for many people. Once those funds come through, you’ll immediately have some extra cash to either spend or save. However, deciding how to utilize the funds can be challenging, ...