Many taxpayers will get to say ta-ta to the alternative minimum tax (AMT), which was revised last year under what was known as the Tax Cuts and Job Act. By most accounts, the alternative minimum tax changes are a return to the initial purpose of the levy: to ensure that high-income households pay their fair […]

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Is this the first year you’re filing an income tax return? Welcome to the adulthood starting block! While we all know that “adulting” can be challenging, learning how to file taxes doesn’t have to be. The good news is that as a first-time filer you probably don’t have a very complex tax form. Still, there […]

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Tax deductions have long been near and dear to American taxpayers for many reasons, not the least of which is that they involve family, homes, charities, and other things we value highly. What is a tax deduction? Simply stated, a tax deduction is a legal means to reduce your taxable income, and in turn, what […]

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The April 17 tax deadline is quickly approaching. And although many people have already completed their 2017 tax returns, many others haven’t. If you fall in the latter group for whatever reason, you may be wondering if it’s time to file a tax extension. What a Tax Extension Really Means If you file a tax […]

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The government uses tax incentives to encourage specific behavior in certain sections of the economy. For example, some popular tax incentives—tax deductions and tax credits—are aimed at stimulating education and home buying, encouraging retirement savings and investment in public works, and boosting philanthropy. If you haven’t finished up your taxes this year—they’re due April 17, […]

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Key Takeaways The new tax law reduces the limit on mortgage interest deductability There’s a new limit of $10,000 on state and local property, income and sales tax deductability A doubling of the standard deduction might mean fewer homeowners choose to itemize First-time homebuyers (or anyone else buying a new or existing home) face a […]

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Key Takeaways Donor-advised funds can potentially offer an immediate tax benefit You can typically make donations when you want Investments grow tax-free The 2018 tax reform legislation has prompted many to rethink long-standing tax strategies, especially as they relate to deductions. It has led many to consider donor-advised funds. What is a donor-advised fund, you […]

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Key Takeaways Taxable interest sources include CDs, savings and money market accounts  Interest is taxed at the marginal tax rate, but there are exceptions Expect 1099s from every bank and broker that paid you interest income in the previous tax year Interest income or investment income is income, plain and simple, as far as the […]

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Key Takeaways Save yourself time with document e-delivery Safeguard your personal information Help the environment by cutting down on paper Tax season is only a few months away, and one of the first steps TD Ameritrade clients can consider taking is to switch to e-delivery from paper documents. Getting hard copies of your records is so 20th […]

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Key Takeaways About half of the total U.S. federal revenue comes from income taxes Federal tax rates for individuals are currently broken into seven brackets, ranging from 10% to 37%, based on income level  Contributing to a retirement plan is one way to potentially reduce your taxable income  Income tax on your mind? In his […]

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