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Consider reviewing your beneficiary designations at least once a year, and update them if necessary.

Beneficiary Designations

Child Tax Credit

With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
Home > Tax Tips > Marriage and Family

Tax Terminology

Itemized deductions

  • Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.

Marriage and Family

Tax tips to help families and married couples adjust withholdings, understand filing status, and coordinate tax-favored benefits.

Cancellation of Debt

August 09, 2016
Taxpayers with cancelled debt can often exclude the cancellation of debt income to the extent they were insolvent immediately before the cancellation. If a cancelled debt is excluded from income, it is nontaxable.
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Consider Donating Appreciated Stock

December 11, 2013

One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a check. This part of the tax code provides a tax benefit to you in two ways:

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Understanding the Kiddie Tax

November 26, 2013

The term "kiddie tax" was introduced by the Tax Reform Act of 1986. The IRS introduced this rule to keep parents from shifting their investment income to their children and have this income taxed at their child's lower tax rate. The law requires a child's unearned income (generally dividends, interest, and capital gains) above a certain amount ($2,000 in 2013) to be taxed at their parent's tax rate. Here is what you need to know.

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Five Big Tax Mistakes

July 26, 2013

Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning.

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Avoid the Gambling Winnings Tax Surprise

July 15, 2013

With the increased popularity of lotteries and casinos, more unsuspecting winners are experiencing a lucky payday only to end up with a huge tax head-ache when filing their income taxes. Here is what you need to know:

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Avoid the 50% Penalty

June 28, 2013

Every year thousands of taxpayers are hit with a heavy 50% penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does not happen to you or someone you know.

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