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Common Tax QuestionsHere are several of the most common tax questions and their answers. But like most things, there can be exceptions, so if in doubt always ask for help.
Consider Taxes When Planning For RetirementWhen it comes to planning for retirement, one important element that people often overlook is taxes, which can be an expensive mistake.
Custodial Accounts for Kids: Understanding the Trade-offs of This Great Teaching ToolWhile custodial accounts can be a great way to teach kids about money, they also come with several trade-offs worth planning for. Here's what you need to know.
When Should You Start Social Security BenefitsBefore deciding to collect Social Security benefits, consider these tips to help you make an informed decision.
Creative Ideas to Cut Your Food Bill (No Ramen Required)In the age of rising food prices and shrinking portions, here are several ways that smart shoppers are turning grocery shopping into a game – and winning.
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JULY 2025 Q & AQ: Do my volunteer hours at the local food pantry count as a charitable contribution? A: Unfortunately, your good deed won't come with a tax break. Hours spent volunteering for a qualified charity aren't a tax deduction. But there is some good news. The miles you drive to get to and from the food pantry are tax-deductible. For 2025, you can deduct 14 cents per mile if you itemize deductions. And if you make donations of food or other staple items to the pantry, those costs are deductible too.
Payroll Taxes Paid By EmployerYou may realize that your employer pays for employee benefits, but companies must also pay the following taxes:
Beware The Wash Sale RuleIt sounds simple. Sell securities, such as stocks, bonds, ETFs, or mutual funds, in which you have a tax loss for 2024, claim the loss, and repurchase the assets. Simple, except for the IRS's pesky wash sale rule. The rule specifies that if you buy or acquire a substantially similar security within 30 days before or after you sell it, you cannot deduct any loss on the sale. CLAIM YOUR LOSSES But you have a couple of strategies to use to follow the rules and claim your investment loss. Hold off buying the same or a very similar investment during the 61-day period starting the date of your original purchase and ending 30 days after your sale. If you can't wait, reinvest in a security that isn't substantially similar to the one you sold. Consult your tax and financial professionals before using any investment sale or purchase as a tax strategy.
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