Modified adjusted gross income (MAGI) is often used by the IRS and other federal agencies to determine your eligibility for certain tax benefits or tax breaks or to determine whether you are subject ...

Navigating the complexities of federal taxation on Social Security benefits can be daunting. Despite recent legislative changes, taxes on these benefits remain, with calculations hinging on your ...

The ‘big beautiful bill’ hiked the child tax credit to $2,200 in 2025, up from $2,000 in 2024. Here’s who qualifies for this ...

In concrete terms, money contributed to a Traditional IRA can reduce taxable income for the year, resulting in an immediate ...

Curious to know if you’re eligible for a recurring credit? Discover whether this quarterly benefit could add tax-free cash to ...

Required minimum distributions (RMDs) are required for tax-deferred retirement accounts. The amount of your RMD will depend ...

One of the main pitfalls of the Backdoor IRA is the famous "pro-rata rule". This rule requires that all of a taxpayer's ...

Got questions about the new deductions for seniors, tips, overtime and car loans? Here’s what you’ve been asking—and my answers—about those, as well as other updated tax provisions.

The availability of the credit for those who buy will depend on several factors, including the vehicle's MSRP, its final assembly location, the sourcing of the critical minerals and components in the ...

Starting over in a new country means relearning the basics, including personal finance. Vickram Agarwal shares his hard-won ...

Experts say retiree Social Security is still taxable and you'll need to read the fine print to understand your situation and ...

President Donald Trump rolled out the idea for a new tax break on car loans during a 2024 campaign stop in Detroit. Here's how the new law works.