Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen) money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts:
Changing Jobs? Don’t Forget About Your 401(k)
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns.
Let’s say you work five years at your current job. For most of those years, you’ve had the company take a set percentage of your pretax salary and put it into your 401(k) plan. Now that you’re leaving, what should you do?
What are Estimated Tax Payments?
Estimated tax is the method used to pay tax on income not subject to withholding, such as income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the income tax being withheld from your salary, pension, or other income is insufficient. Here’s what you should know about estimated tax payments:
Saving for Education: Understanding 529 Plans
Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s K-12 education as well as college (two and four-year programs) or vocational school.
Include Gig Economy Income on Tax Returns
The gig economy is also referred to as the on-demand, sharing, or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers to
Special Tax Rules for Children With Investment Income
Special tax rules may apply to some children who received investment income in 2022 or expect to receive it in 2023. Investment income generally includes interest, dividends, and capital gains. It also includes other unearned income, such as taxable scholarships or from a trust. These rules may affect the amount of tax and how to report the income.
Avoiding Tax Surprises When Retiring Overseas
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal.
Deducting Business-Related Car Expenses
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. Here’s what small business owners need to know:
How To Check the Status of a Tax Refund
Tracking the status of a tax refund is easy with the Where’s My Refund? tool. It’s available anytime on IRS.gov or through the IRS2Go App. Where’s My Refund provides a personalized date after the return is processed and a refund is approved. While most tax refunds are issued within 21 days, some may take longer if the return requires additional review.
File on Time Even if You Can’t Pay
Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios: