Tax strategies

Unsurprisingly, six of the top 10 costliest destinations are in California.

They can be a more tax-effective way to save for retirement than an IRA for those who are able to max out contributions and pay for medical expenses with other funds.

The IRS standard rate influences tax deductions, business operations, compliance requirements, financial planning and employee compensation strategies.

A new bill taking shape in Congress is full of popular ideas and backed by both parties. But some experts say it doesn’t go far enough.

Expert warns of a worst-case scenario for COVID jet-setters — filing multiple tax forms in different countries while also losing any benefits from tax treaties between jurisdictions.

From COBRA premiums to long-term care, there are surprising uses for funds in these tax-advantaged accounts.

Get specific about when and how to close out administrative checkpoints for the end of the year, and delegate responsibilities accordingly.

Strategists from Deutsche Bank propose a 5% levy for those who work from home on a regular basis and not because of a government lockdown mandates. Such a measure could raise $48 billion a year in the U.S.

COVID-19, the election and much more all need to be taken into account.

The CARES Act will play a critical role, according to Grant Thornton.

To protect client nest eggs, advisors must know which savings vehicles are protected — and they’re not all created equal.

While it can be a great outlet for employees who want to help coworkers, or their favorite charities during the pandemic, PTO sharing can also present tax issues if not handled properly.

The majority of U.S. workers do not have enough savings to help them in the event of a medical emergency and often turn to their retirement funds for help.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

While some retirees have seen a substantial increase in spending, many others are enjoying financial freedom.

To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.

Aside from income taxes, retirees will also pay consumer taxes and may face a 3.8% Medicare surtax.