deepdive.

If you pay substantial state and local taxes (SALT), itemize your deductions, and feel the pain of the federal cap on SALT deductions, the pass-through entity elective tax (PTET) may provide you relief to overcome the limit on deducting state and local taxes on your tax return.

College acceptance season is here. Learn how parents can compare net costs, use smart funding strategies, and make tax-efficient decisions.

AI can help small businesses reduce operating costs, improve efficiency, and increase profit margins. Learn how to apply it strategically.

IRS enforcement is increasing with more data-driven reviews and notices. Learn why and what steps to take if you receive a notice.

Interest rates are rising again, increasing borrowing costs for small businesses. Learn how higher rates affect cash flow and what you can do.

As America’s population ages, many taxpayers are making home modifications to help prevent falls or accommodate age-related infirmities. While home improvements generally are not tax-deductible, a medical expense deduction for medically necessary home modifications may be claimed for costs that exceed any resulting increase in the home’s value. To benefit, the taxpayer must itemize deductions and have total medical expenses that exceed 7.5% of the taxpayer’s AGI.

You've probably seen the advertisements promising quick cash for unneeded life insurance policies, targeting those who might not see the need for policies anymore. While these transactions can indeed serve a financial purpose, the process of selling a life insurance policy, known as a life settlement, comes with a labyrinth of financial implications, particularly around taxes.

“Kiddie Tax" is a term that refers to the tax imposed on the unearned income of children to prevent families from exploiting a lower tax rate by shifting income to their children to take advantage of lower tax brackets.

Some disabled veterans qualify for full property tax exemptions. Here’s how the programs work and what New York’s new law changes.

Sometimes, because of a change in the place of employment, health issues, or unforeseen circumstances, taxpayers are unable to meet the two out of the five-year ownership and residence requirements to qualify for the full home sale gain exclusion of $500,000 for joint filers and $250,000 for others. Luckily, the tax code includes provisions for partial exclusions.