(Image credit: Getty Images) Illinois remains one of the few states that still imposes its own estate tax, and its rules are very different from the federal system’s. The federal estate tax exempts $15 million per person, or $30 million per married couple. Illinois uses a much lower $4 million estate tax threshold per married […]
The Illinois ‘Cliff Tax’: How a Single Dollar Can Push You Over Read More »
Each week, in our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter editor, answers questions on topics submitted by readers. This week she’s looking at four questions on inherited IRAs, Roth conversions and more. (Get a free issue of The Kiplinger Tax Letter or subscribe.) 1. Inherited IRA Question: My son inherited his
Ask the Tax Editor: More Questions on IRAs Read More »
On January 1, Arkansas and Illinois became the latest states to join the trend of repealing or reducing sales taxes on groceries to ease the financial burden posed by food costs on shoppers. Now, nine U.S. states levy sales taxes on groceries at a full or reduced sales tax rate. This trend is happening as
Grocery Tax Repeal in Arkansas and Illinois: Why Shoppers Aren’t Seeing Relief in 2026 Read More »
Does the idea of filing your tax return make you wait until the last minute? Do you only start gathering your tax documentation at year-end? You aren’t alone. Every year, taxpayers can fall into “bad tax habits” that seem convenient in the short run but may later lead to significant refund delays or even a
7 Bad Tax Habits to Kick Before You File in 2026 Read More »
(Image credit: Getty Images) If you inherited an IRA from a parent or loved one in the past few years, you may be facing a hidden tax trap. Since the passage of the SECURE Act, the rules governing inherited retirement accounts have shifted dramatically, and missteps can be costly. While the SECURE Act rules were
Inherited an IRA? Don’t Fall Into the 10-Year Tax Trap Read More »
(Image credit: Getty Images) Most people assume their taxes will decrease once they retire. After all, their paycheck stops coming — so their tax bill should shrink too. But for many retirees, the opposite happens. The first few years of retirement often trigger a series of tax surprises that quietly drain cash flow and limit
The 5 Biggest Tax Mistakes New Retirees Make in the First 5 Years Read More »
Hungary’s opposition Tisza promises wealth tax, euro adoption in election programme
Hungary’s opposition Tisza promises wealth tax, euro adoption in election programme Read More »
Each week, in our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter editor, answers questions on topics submitted by readers. This week she’s looking at five questions on the whether moving expenses and more are tax-deductible. (Get a free issue of The Kiplinger Tax Letter or subscribe.) 1. Moving expense deduction Question: Can
Ask the Tax Editor: Federal Income Tax Deductions Read More »
We celebrate their birthdays, pay their vet bills, and include them in our family portraits — so it’s only natural to wonder if your furry friend can help lower your tax bill, especially as we head into the 2026 filing season. After all, the 2025 Trump/GOP tax and spending bill introduced several new tax breaks,
Can You Write Off a Pet On Your Taxes? 4 Little-Known Pet Tax Deductions Read More »
(Image credit: Getty Images) The One Big Beautiful Bill that Congress passed last summer made a number of wide-ranging changes to tax law — some permanent, some temporary. But a few provisions are especially relevant for anyone in or near retirement. In particular, Americans age 65 and older are eligible for an extra $6,000 deduction.
65 or Older? Cut Your Tax Bill Before the Clock Runs Out Read More »