Tax Nitty Gritty

IRS
Sep 5th, 2014

Social Security Benefits – How Much Is Taxable?

Ed note: It’s one of the most frequently asked questions on our social media channels – “Are my social security benefits taxable?” Like so many things with taxes, the answer is a variation of “it depends.” Leer en español. All social security benefits, whether in the form of retirement benefits, survivor benefits or disability benefits, […]

family
Sep 1st, 2014

Tax Questions, Answered: The Tax Implications of Selling Your Home

Ed note: Congratulations, you just sold your home! That profit burning a hole in your pocket may be free-and-clear from taxes, but – yes, there’s a but – not always. The Tax Institute looks at some of the exceptions you need to know about. Question: I’ve been waiting years to sell my home. Now that […]

education
Aug 28th, 2014

Tax Questions, Answered: Your Kid’s Education

In our latest installation of this question-and-answer series with The Tax Institute, we look at some of common tax questions that come up around saving and paying for your child’s education. Q: Should the earnings on my child’s 529 account be counted as income as they accrue? What about when I use 529 funds to […]

college
Aug 26th, 2014

Federal Student Aid – What are the Tax Consequences?

Ed note: There are a lot of benefits to higher education – increased earning potential, expanded knowledge and even tax perks. However, there are also a few tricky situations to keep in mind when you are financing that education. Leer en español. College is expensive.  Did you know that taxpayers with college expenses might be […]

home office
Aug 14th, 2014

What You Need to Know to Claim Home Office Deductions

Ed note: It turns out there are different kinds of home offices. There are those, like mine, that double as a place to binge-watch your favorite Netflix series, and those that are actually a tax deduction in the eyes of the IRS. Leer en español. One the greatest perks to running your own business is […]

capital gains
Jul 24th, 2014

Tax Questions, Answered: Home Sales and Deductions

In our latest installation of this question-and-answer series with The Tax Institute, we look at some of the common questions we get about homes and property. Q: Are homeowner association fees ever deductible? How do you document it if so? A: Homeowners’ association fees paid on your personal residence are not deductible. On a rental […]