Recent News & Blog / Individual Tax
Casualty loss tax deductions may help disaster victims in certain cases
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property.
What are the tax implications of winning money or valuable prizes?
If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune.
Selling your home? Consider these tax implications
Many homeowners across the country have seen their home values increase in recent years. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). Contact the CPAs and tax advisors at SEK with your tax questions.
Evaluate whether a Health Savings Account is beneficial to you
With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs.
Investment swings: What’s the tax impact?
If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation.
The tax consequences of employer-provided life insurance
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications.
You may be ABLE to save for a disabled family member with a tax-advantaged account
If you have family members with disabilities, there may be a tax-advantaged way to save for their needs. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Contact the CPAs and tax advisors at SEK for more info.
IRS delays Roth 401(k) contributions rule for high earners
Recently, there’s been concern over planned changes to rules governing catch-up contributions for 401(k) plans. The changes, which initially were going to be effective in 2024, will require catch-up contributions for higher-income earners to be made on a Roth basis.
Can you deduct student loan interest on your tax return?
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits.
Moving Mom or Dad into a nursing home? 5 potential tax implications
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks.