Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning. Here’s an example of how...

Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In...

Many people who began working from home during the COVID-19 pandemic are still doing so, full or part-time. Business owners who moved their operations to a home office, or at least began performing some work functions there, may be able to claim home office expenses...

In some cases, homeowners move to new residences, but keep their present homes and rent them out. Homeowners who are considering this are probably already aware of the financial risks and rewards of doing so. However, they should also know that renting out a personal...

Working from home has become the norm for many people in recent years. Now they might be wondering if they can claim the home office deduction for 2022. The short answer is: Only those who are self-employed can claim it. This article delves deeper into...

Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...

Passage of the Tax Cuts and Jobs Act has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying the rules surrounding the deductibility of home equity interest. This article compares the old rules to these new ones....

Everyone loves a juicy tax refund, but why wait to receive the money? By adjusting one’s withholding and/or estimated tax payments, a taxpayer can enjoy that money throughout the year. This article lists some circumstances under which adjustments are particularly advisable and explains how to...