Have you filed your federal income tax return for 2011? If not, you might still be able to slim down your tax bill by claiming deductions you may have missed. What can you deduct? There are two main groups of income tax deductions on a federal tax return. The first...
A Section 529 college savings plan can be a tax-smart way to help your children pay for their higher education. But you should also be aware of several potential pitfalls of this planning device. Here’s a brief rundown on the main pros and cons. The Pros The...
Remember the days before self- service when you could drive your car to a gas pump and tell the attendant to “fill ‘er up”? There are good reasons to take the same approach to selling securities before the end of the year. If you’re careful to fill up your lower...
Tax experts have warned that the new 3.8% Medicare surtax- which applies to “net investment income” (NII)-can be a formidable tax obstacle for upper- income investors. But the NII tax isn’t just a concern for individual taxpayers. It also may affect trusts...
Federal income taxes can take a big bite out of your income, but they aren’t your only tax concern, particularly if you’re about to retire. Don’t forget to take state and local income taxes into account. For instance, if you’ll be relying less...
