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The “kiddie tax” applies to children up to age 18 and could apply to children up to age 23—depending on how much earned income they have and whether or not they are full-time students. In 2017, children with investment income above a certain amount may have had part or all...

The IRS issued updates to tax reform rules that affect a few figures reported in our Tax Guide (December 2017 AAII Journal) and Tax Guide Update (March 2018 AAII Journal). Health Savings Accounts Contributions to a Health Savings Account (HSA) cannot exceed $6,850 for a family high-deductible...

The 2018 tax information on page 22 of AAII’s Tax Guide has now been updated. This includes allowable tax benefits such as deductions and maximum contributions. Here’s a link to the PDF of this page. Scroll down below the link to read more details about these changes. The...

The revised 2018 tax brackets and tax rates as set out in the Tax Cuts and Jobs Act are as follows: The AAII Tax Guide online has been updated with these new figures. You can keep up-to-date with the 2018 tax reform changes here at the AAII Blog.  ...

The Internal Revenue Service is allowing some 2018 state and local property taxes to be deductible in the 2017 tax year. Those real property taxes must be assessed prior to 2018 and payment must be made in 2017. You will not be able to deduct any prepayment of 2018 state and local...

Medicare.gov posted corrected 2016 income breakpoints for 2018 Medicare Part B monthly premiums. The maximum premium of $428.60 will be paid by those filing joint tax returns whose 2016 modified adjusted gross income (MAGI) is above $320,000 (not $428,000, as originally reported...

The IRS issued 2018 standard mileage deductions for business, charitable, medical or moving purposes, up from 2017 rates. The final 2017 and 2018 rates are: Standard Mileage Deductions 2017 2018 Business Standard Mileage Rate 53.5 cents 54.5 cents Medical Standard Mileage...

The February edition of Computerized Investing is now available! This month includes: The Top 11 Sites for Personal Finance, Retirement Planning and Tax Resources An update of the websites that offer the best guidance and tools for personal financial planning issues, including budgeting,...

Today is Giving Tuesday, a day designated to promote donations to charitable organizations. Donating to charity is first and foremost an act of altruism. The tax code rewards such acts. The tax code allows those who itemize to deduct donations to qualified charitable organizations....

This year has seen a spike in market volatility. While this may have made for some sleepless nights among investors, Charles Reinhard points out at InvestmentNews.com that this same volatility is offering investors an opportunity for year-end tax-loss harvesting. Tax-loss harvesting...