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How savings bonds are taxed

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final [...]

By |2023-01-18T11:24:30-08:00January 16, 2023|Individual|Comments Off on How savings bonds are taxed

Seller-paid points: Can homeowners deduct them?

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact of the mortgage rate peak of [...]

By |2023-01-09T09:47:31-08:00January 9, 2023|Individual|Comments Off on Seller-paid points: Can homeowners deduct them?

How inflation will affect your 2022 and 2023 tax bills

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS [...]

By |2023-01-11T09:58:14-08:00January 2, 2023|Individual|Comments Off on How inflation will affect your 2022 and 2023 tax bills

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT This [...]

By |2023-01-09T09:50:01-08:00December 26, 2022|Individual|Comments Off on Is your income high enough to owe two extra taxes?

The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits [...]

By |2023-01-09T09:52:21-08:00December 12, 2022|Individual|Comments Off on The Inflation Reduction Act: what’s in it for you?

Year-end tax planning ideas for individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or [...]

By |2022-11-30T10:19:48-08:00November 28, 2022|Individual|Comments Off on Year-end tax planning ideas for individuals
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