Saving for education can be overwhelming. However, it can be a little easier with the help of a dedicated education savings account. By starting earlier and saving more efficiently, you can boost your ability to pay for educational costs, whether that’s for your children, a family member, or even yourself. One of the most popular […]
Estate Tax Considerations for Widows: Do You Owe Taxes on Your Spouse’s Estate?
Losing a spouse is one of life’s most difficult experiences. Alongside the emotional toll, many surviving spouses also face the stress of handling estate and tax matters. One of the most common questions widows ask is: “Will I owe taxes on my spouse’s estate?” This article will walk you through key estate tax considerations for […]
What is the Qualified Business Income Deduction?
In recent years, the tax landscape for businesses has undergone significant changes. One notable provision is the Qualified Business Income (QBI) deduction, first enacted under the Tax Cuts and Jobs Act (TCJA) of 2017. This deduction provides a valuable tax break for eligible business owners and was originally set to expire in 2025. However, the […]
What is the IRS Fresh Start Program?
A new year could mean a financial fresh start. The IRS Fresh Start Program, launched in 2011, is a collection of relief tools, from installment agreements, Offers in Compromise (OIC), lien withdrawal, penalty relief, and more. It was designed to help taxpayers and small businesses regain control of their finances. Rather than being a single procedure, […]
What is the SALT Deduction?
If you’ve never heard of the State and Local Tax (SALT) deduction, you’re not alone. But if you have, you may know that it is a topic that often raises eyebrows and sparks debates. For many taxpayers, the SALT deduction plays a significant role in their financial planning and overall tax liability. This is especially […]