When Life Insurance Becomes Taxable
In 1900, the average life expectancy of a newborn was only 32 years old. By 2021, that number more than doubled to 71 years, and the trend is expected to continue.1 Living this long may have unexpected
In 1900, the average life expectancy of a newborn was only 32 years old. By 2021, that number more than doubled to 71 years, and the trend is expected to continue.1 Living this long may have unexpected
As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they
You may have to make estimated tax payments if you earn income that is not subject to withholding, such as income from self-employment, interest, dividends, alimony, rent, realized investment gains, prizes, and awards. You also may have
The federal estate tax threshold rose to $27.22 million in 2024 for married couples and $13.61 million for individuals as part of the Tax Cuts and Jobs Act (TCJA). Like several TCJA provisions, the higher estate tax
Taxes are one of the biggest budget items for most taxpayers, yet many have no idea what they’re getting for their money. The average household spends more on taxes than on groceries, clothing, or healthcare. In fact,
No one wants to see an Internal Revenue Service (IRS) auditor show up at their door. The IRS can’t audit every American’s tax return, so it relies on guidelines to select the ones most deserving of its
Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let's take
Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded. In 1797, Congress instituted a system of federal stamps that were required on all wills offered for probate
Every year, about 140 million households file their federal tax returns. For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer
Chris Rock once remarked, “You don’t pay taxes – they take taxes.” That applies not only to income but also to capital gains. Capital gains result when an individual sells an investment for an amount greater than