Want to get on someone’s good side? Help them out financially? Or, perhaps, just make them really happy? Give ‘em a gift!

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

Unless you have given away more than $13 million in your lifetime, a $75,000 gift will not trigger the federal gift tax. Using this for a down payment also does not affect the result. A financial ...

Californians received news that the IRS decided the tax fate of special state payments "stimulus checks" made to millions of people across the country during 2022. In California, those payments were ...

I do not do my own taxes. That will shock a lot of my readers and clients who know that I own a business that offers tax planning and tax preparation. Also, I am an IRS enrolled agent, licensed to ...

Prior to the law change, an Illinois investment partnership was a partnership under federal income tax law that met the ...

Your 2025 tax planning checklist: Essential moves for high earners Tax strategy doesn’t just happen in April. While it may feel like you just filed your 2024 taxes a minute ago, the time to set ...

Many taxpayers are confused about Form 10-IEA, which is required for opting in or out of the new tax regime, especially those with business income using ITR3 or ITR4. Missing the filing deadline ...

The gift of cash is always a good way to show your appreciation, but giving someone stocks can be a powerful way to pass along wealth and introduce them to investing. In this guide, you’ll learn the ...

The backdoor Roth IRA is a legal tax strategy that allows high earners to bypass income limits and access tax-free growth through a Roth IRA. For 2025, if your income exceeds $165,000 (single) or $246 ...