Month: July 2025

The Saver’s Credit, also known as the Retirement Savings Contributions Credit, is a valuable but often overlooked tax credit designed to encourage low- to moderate-income individuals and families to save for retirement. Unlike a deduction that merely reduces your taxable...

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Tax-loss harvesting is a powerful year-end strategy that investors can use to minimize their tax liability by offsetting capital gains with capital losses. Whether you’re a seasoned investor or a casual market participant, knowing how to apply tax-loss harvesting properly...

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Investing comes with its ups and downs, and while no one enjoys seeing red in their portfolio, capital losses can actually be a powerful tax planning tool. By understanding how to use capital losses effectively, you can reduce your tax...

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Health care costs can put a significant dent in your budget—but did you know that you can use special tax-advantaged accounts to pay for these expenses and potentially increase your tax refund? Health Savings Accounts (HSAs) and Flexible Spending Accounts...

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Many couples assume that if one spouse doesn’t earn income, they’re ineligible to contribute to an IRA. Fortunately, that’s not the case. With a spousal IRA, a working spouse can make retirement contributions on behalf of a non-working or lower-earning...

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If you're self-employed or a small business owner looking for a powerful way to reduce your taxable income while saving for retirement, the Simplified Employee Pension Individual Retirement Arrangement—better known as a SEP IRA—is a top-tier strategy. With generous contribution...

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After filing your federal tax return using Form 1040, the next big question is: "Where's my refund?" Fortunately, the IRS provides several convenient tools to track the status of your refund, whether you filed electronically or by mail. Knowing how...

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When paying for college, many families tap into investments to cover educational expenses. However, selling stocks, mutual funds, or other assets to fund tuition can have unintended tax consequences—especially when it comes to claiming valuable education-related tax credits. If not...

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If you're expecting a tax refund from the IRS, you don’t have to deposit the entire amount into a single bank account. The IRS allows taxpayers to split their refund into multiple accounts using Form 8888 – Allocation of Refund...

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Owning a rental property with one or more co-owners is a common scenario, especially among family members, friends, or business partners. When rental income is earned, it must be properly divided among the co-owners for accurate tax reporting and compliance...

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