Greg Hinsdale | The Image Bank | Getty Images If you live in a high-tax state, you could see some relief from income and property levies for 2025 — thanks to a change enacted via President Donald Trump‘s “big beautiful bill.” The Republicans’ multitrillion-dollar legislation temporarily raised the limit for the federal deduction for state…
Yellow Dog Productions | The Image Bank | Getty Images If you plan to donate money on Giving Tuesday, you could score a tax break. But recent changes enacted via President Donald Trump‘s “big beautiful bill” could affect your savings, financial experts say. Some 36.1 million U.S. adults participated in Giving Tuesday for 2024, with…
Alistair Berg | Digitalvision | Getty Images Recent legislation and policy changes under the Trump administration have upended federal student loans. For some borrowers, the shifts may affect their tax situation — how much they owe the IRS, or whether they actually get an expected tax refund. More than 40 million Americans hold student loans, and the outstanding…
A woman puts money into a Salvation Army red kettle outside of Giant Supermarket in Alexandria, Virginia on November 22, 2023. Eric Lee | The Washington Post | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to…
With year-end approaching, it’s a good time to make sure your tax house is in order. It’s especially important for crypto investors, given a new IRS brokerage reporting requirement covering transactions after Jan. 1, 2025. The IRS generally treats crypto like property, similar to stocks or real estate, so selling crypto can trigger a capital…
Many restaurants may need to rethink their mandatory gratuity policies if they want this income to count as qualified tips for their workers under the new tax laws. The “no tax on tips” provision in President Trump’s One Big Beautiful Bill Act allows certain workers to deduct up to $25,000 in “qualified tips” per year…
Juanma Hache | Moment | Getty Images While many investors welcome a windfall, the rules for inherited individual retirement accounts are complicated — and mistakes can be costly. Since 2020, certain inherited accounts are subject to the “10-year rule,” and heirs must empty the balance by the 10th year after the original account owner’s death. …
If you inherited an individual retirement account, there is a key change for 2025 that — without action on your part before year-end — could trigger an IRS penalty of up to 25%. Starting in 2025, certain non-spouse heirs, including adult children, must start taking required minimum distributions, or RMDs, while emptying their inherited IRA…
D3sign | Moment | Getty Images The IRS has unveiled the capital gains tax brackets for 2026, with higher earnings limits for the 0% rate. That could offer tax planning opportunities for many investors, financial experts say. The bigger limit is “pretty incredible, especially in years like this where the market’s been roaring,” said Tommy…
Pra-chid | Istock | Getty Images The IRS has announced new federal income tax brackets and standard deductions for 2026. In its announcement Thursday, the agency raised the income thresholds for each bracket, which apply to tax year 2026 for returns filed in 2027. The IRS also boosted figures for other provisions, including long-term capital gains…
