Reduce the impact of the 3.8% net investment income tax

Reduce the impact of the 3.8% net investment income tax

High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected...
Benefits of a living trust for your estate

Benefits of a living trust for your estate

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a...
Being a gig worker comes with tax consequences

Being a gig worker comes with tax consequences

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have...
The Tax Rules for Donating Artwork to Charity

The Tax Rules for Donating Artwork to Charity

If you’re an art collector, you may wonder about the tax breaks available for donating artwork to charity. Several different tax rules may come into play in connection with such contributions. Basic rules Your deduction for a charitable contribution of art is subject...