Taxes

For a long time, I believed two things about gift tax rules: first, that I could only give up to the annual gift tax exclusion, which is $19,000 per person in 2025, without facing tax consequences; and second, that if I exceeded this amount, the recipient would be responsible for reporting and paying taxes on the excess.

As the IRS releases key 2025 tax changes, it’s crucial to understand how these updates could impact your tax situation. Adjustments to deductions, tax brackets, and contribution limits can affect your tax-saving strategies this year.

As the end of the year approaches, selling activity among institutional investors typically rises, largely driven by tax-loss harvesting tips to reduce your tax bill. This time of year presents an opportunity to assess your portfolio and potentially use losses to offset capital gains, reducing your tax obligations.

Tax season can be stressful, but maximizing the deductions and credits available to you can make a big difference in how much you owe. Whether you’re self-employed, a homeowner, or a student, there are plenty of opportunities to reduce your taxable income and keep more of your hard-earned money.

Editor’s NoteNovember 10, 2025: Direct File is being suspended indefinitely, beginning with the 2026 filing season for 2025 tax returns.If you were planning on using Direct File, consider switching to one of the other free-filing options, such as the IRS Free File partnership (if you meet the income eligibility), free fill-in tax software offers, or the volunteer-based Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.

If your Medicare premiums are projected to go up due to an Income-Related Monthly Adjustment Amount (IRMAA), you may be eligible for a reduction. This quick guide will show you how you might be able to reduce your IRMAA payments this year by submitting the SSA-44 form and providing key documents to the Social Security Administration (SSA).

Selling your home can be an exciting journey, but understanding the true costs of selling your home is crucial. It’s not as simple as subtracting the sale price from what you originally paid.

Selling your home can be both exciting and financially rewarding, but understanding how to calculate capital gains on a house sale is crucial to avoid surprises. Whether you’re selling for a profit or just want to know what taxes you might owe, calculating capital gains is an essential step.

The Net Investment Income Tax (NIIT) is a federal tax that applies to certain types of investment income for high-income earners. It was introduced in 2013 as part of the Affordable Care Act to help fund Medicare expansion and applies at a rate of 3.