Investment swings: What’s the tax impact?

Investment swings: What’s the tax impact?

Investment swings: What’s the tax impact? If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your...

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Can you deduct student loan interest on your tax return?

Can you deduct student loan interest on your tax return?

Can you deduct student loan interest on your tax return? The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The...

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Retirement account catch-up contributions can add up

Retirement account catch-up contributions can add up

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.The deal with IRAs  Eligible taxpayers can make extra catch-up contributions of...

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The best way to survive an IRS audit is to prepare

The best way to survive an IRS audit is to prepare

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation...

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Questions you may still have after filing your tax return

Questions you may still have after filing your tax return

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year....

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Paperwork you can toss after filing your tax return

Paperwork you can toss after filing your tax return

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the...

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