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Yes — beginning with the 2025 tax year, most taxpayers who do not itemize will not be able to deduct charitable gifts on Schedule A, but the One Big Beautiful Bill Act (OBBBA) creates a new above‑the‑...
Over the past five years IRMAA income thresholds have inched upward overall, driven by inflation indexing and a statutory two‑year lookback that ties surcharges to past MAGI, producing modest annual t...
For tax year 2026 you can deduct unreimbursed medical and dental expenses only if you itemize, and only the portion that exceeds 7.5% of your adjusted gross income (AGI) (IRS Topic No. 502; Publicatio...
If you miss 2025 estimated-tax payments the IRS can assess an underpayment penalty based on the amount and timing of the shortfall and charges interest that compounds daily; most taxpayers avoid the p...
The IRS updated two administrative items in 2025 that affect how taxpayers substantiate medical expense deductions: the out‑of‑pocket health care “national standards” took effect April 21, 2025 and le...
For physical gold, silver, platinum and most other precious-metal bullion and coins, the IRS treats them as “collectibles,” so long-term capital gains are taxed at a special maximum rate of 28% rather...
The 2025 IRMAA income thresholds that trigger surcharges for Medicare Part B and Part D begin at $106,000 for individual filers and $212,000 for joint filers, based on MAGI from 2023 tax returns (SSA ...
The IRS raised the Roth IRA contribution limit for 2026 to $7,500 (with a $1,100 catch‑up for those 50+) and moved the MAGI phaseout bands up: single and head‑of‑household filers now phase out at $153...
The standard Medicare Part B premium for 2025 is $185.00/month, up from $174.70 in 2024 (a $10.30 increase) . High‑income beneficiaries pay additional IRMAA surcharges for Parts B and D based on 2023 ...
Yes — donations to local NPR and PBS stations are generally tax‑deductible in 2025 when the recipient is a recognized 501(c) charity, but the deductible amount can be reduced when donors receive goods...
The official IRS documents that list the rules and adjustments for the standard deduction — including the additional amounts available to taxpayers who are age 65 or older or blind — are IRS Topic No....
The basic rule for claiming the medical expense deduction — that you may deduct unreimbursed medical and dental expenses that exceed 7.5% of your adjusted gross income (AGI) when you itemize — remains...
For most savers, 2025 is a pivotal year for Roth conversions because the RMD starting age moved to 73 and Congress’s 2025 tax changes (the “One Big Beautiful Bill” or similar packages) locked in lower...
Consumers often mean one of three things by “free money credit card”: a no-annual-fee card with good rewards, a card that offers a generous sign‑up bonus, or a 0%‑APR offer that lets you borrow intere...
Federal tax on U.S. lottery winnings in 2025 is subject to mandatory IRS withholding of 24% for reportable prizes and can result in a final federal tax liability up to the top ordinary-income rate of ...
Yes — you can change your 2025 estimated tax payments midyear if your income drops: the IRS expressly expects taxpayers to “make adjustments both for changes in your own situation” and to revise quart...
Available sources show the medical-expense deduction floor remained at 7.5% of adjusted gross income (AGI) for both the 2025 and 2026 tax years; Congress made that 7.5% threshold permanent in the Cons...
For the 2025 Earned Income Tax Credit (EITC), only "earned income"—wages, salaries, tips, and net earnings from self-employment—counts toward basic eligibility and the credit calculation; investment i...
Waiting from full retirement age (FRA) to 70 typically raises your monthly benefit by roughly 24–32% compared with FRA and by more versus claiming at 66; break-even analyses commonly find the crossove...
For tax year 2026, taxpayers may deduct unreimbursed medical and dental expenses that exceed when they itemize on Schedule A; that baseline rule is consistent across IRS guidance and the tax‑advice ou...