5 Valuable Tax Credits for 2020 Individual Returns

Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. It’s important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a deduction, because a credit...

The Status of Temporary COVID Tax Relief Measures After the New Law

Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020. This article explains the current status of eight important temporary relief measures and whether...

Add Spendthrift Language to a Trust to Safeguard Its Assets

Protecting assets from creditors is a critical aspect of estate planning, but you need to think about more than just your own creditors: You also need to consider your heirs’ creditors. Adding spendthrift language to a trust benefiting your heirs can help...

The IRS Is Making Small Tax Refund Interest Payments to Some People

In the near future, you may notice a small payment in your bank account or you may receive a check from the IRS. The tax agency recently announced that it will send interest payments to about 13.9 million individual taxpayers who filed their 2019 federal income tax...