If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct annually is $2,500. The deduction is phased out if your adjusted gross income (AGI) exceeds […]
Tag Archives | Year end tax considerations
With year-end approaching, 3 ideas that may help cut your tax bill
You may still have time to trim your 2021 federal tax liability by taking certain steps. For example, contribute the maximum to your retirement plans, including traditional IRAs and SEP plans. Another idea: If you make your Jan. 2022 mortgage payment in December, you can deduct the interest portion on your 2021 tax return (assuming […]
Maximize Your 401(k) Plan to Save for Retirement
Are you thinking about selling stock at a loss to offset gains that have been realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period […]
Steer clear of the wash sale rule if you’re selling stock by year end
Are you thinking about selling stock at a loss to offset gains that have been realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period […]
