Taxes

Deciding how to file your taxes as a married couple can have a meaningful impact on your return. Depending on your situation, it may affect how much you owe or receive. Many couples assume married filing jointly is always the better choice, but that may not be true in every…

When it comes to taxes, dependents can affect your return in ways many families don’t expect. Whether you’re claiming a young child, a college student or an aging parent, understanding how deductions and credits apply may change how much you owe or receive. From the standard deduction rules to tax…

The tax implications of a parent living with you depend on several factors, including financial support, income levels and household arrangements. In some cases, you may be able to claim a parent as a dependent, which can affect credits, deductions and filing status. Shared housing can also influence eligibility for…

Selling a home below its fair market value can trigger tax considerations that go beyond a standard real estate transaction. When a property is sold at a discount, the IRS may treat part of the difference between the sale price and market value as a gift, which can affect gift…

Pulling money out of a trust can feel straightforward, but the tax consequences are often anything but. Depending on how the trust is set up and what type of funds you withdraw, a distribution could be tax-free, or it could come with an unexpected tax bill. Many people assume that…

When you sell stocks, exchange-traded funds (ETFs) or other equity investments for more than you paid, the profit is generally subject to capital gains tax. The capital gains tax on equity depends on how long you held the investment, your taxable income and whether the asset was sold in a…

Federal income tax applies to most people who earn income in the U.S., but the tax code includes limited exceptions. Whether someone is exempt from federal income tax depends on factors such as income level, filing status, age, disability status, religious affiliation and the type of income received. In some…

If you’re scrambling to compile tax documents as the filing deadline approaches, you’re not alone. A tax extension can offer welcome breathing room, but it also comes with rules and potential pitfalls that many taxpayers misunderstand. Knowing how long an extension lasts, what it does and doesn’t cover and what…

If the IRS notifies you of an audit, and you expected a tax return, you probably have a lot of questions. Will you ever get your tax refund? Does the audit automatically stop it? The answer depends on the IRS’s review and whether the items under audit affect the refund…

Whether you can claim an adult child as a dependent on your taxes depends on their age, income and living situation, as well as the level of financial support you provide to them. The IRS allows parents to claim certain adult children if they meet the criteria for either a…