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There are two distinct types of IRAs, traditional and Roth. Traditional IRAs are special because they defer taxation of investment income. With a traditional IRA, withdrawals are taxable income except for withdrawals of previously non-deductible contributions. Most of the time, this means the contributions are deductible. Roth IRAs have many of the same rules, but they do vary in some key ways. The biggest difference is that contributions are not deductible and are made after taxes. Qualified distributions are generally tax-free.

You can contribute up to $7,000 for 2025 and 2024 if you have income from wages or self-employment income. Even children who meet these conditions can get an IRA. If you are 50 or older, you can contribute an additional $1,000 for a total of $8,000 in 2025. This is the same as 2024.

Not everyone is eligible for a Roth IRA. There are some conditions.

First, the ability to contribute phases out if your modified gross income (MAGI) exceeds a certain amount. For married taxpayers who file together, the 2025 phaseout range is $236,000 to $246,000. If you are a single taxpayer or a head-of-household taxpayer, the 2025 phaseout range is $150,000 to $165,000. For 2024, these ranges were $230,00 to $240,000 and $146,000 to $161,000 respectively. You can make a partial contribution if your MAGI falls within the application range. However, if you exceed that range, you cannot contribute.

Second, as with traditional IRA contributions, you must have earnings from personal services equal or greater than your Roth IRA contribution. For 2025 and 2024, the maximum contribution was $7,000 with an additional $1,000 for taxpayers 50 and older. This applies to traditional and Roth IRAs on a combined basis. Therefore, your maximum Roth IRA contribution is reduced by any traditional IRA contributions you may make this year. If you make the maximum contribution to a traditional IRA, you are not able to contribute to a Roth.

Self-employment can cause some unusual tax situations. You may be eligible for an immediate Section 179 expense deduction of up to $1,250,000 for 2025 ($1,220,000 in 2024). This applies for equipment purchased for use in your business, instead of writing it off over many years. There is a phaseout limit. In 2025, it is $3,130,000 in 2025. In 2024, it was $3,050,000. Additionally, self-employed individuals can deduct 100% of their premiums for health insurance. You may also be able to establish a retirement plan for yourself. This can include an individual or self-employment 401(k) plan, a Simplified Employee Pension (SEP), or a SIMPLE IRA. Then, you may deduct your contributions.

Sometimes, you may benefit from filing separately instead of jointly. You should consider separate filing if one spouse has large medical expense deductions or casualty losses and your incomes are about equal. This separate filing can be beneficial because each spouse’s adjusted gross income (AGI) floor for taking the deduction will be computed separately. If medical expenses not paid via tax-advantaged accounts or reimbursable by insurance exceed 7.5% of your AGI, you can claim an itemized deduction for the amount exceeding that floor.

If plan to give to a charity, giving appreciated long-term capital assets is usually the smarter option compared to selling the assets and giving the charity the after-tax proceeds. Donating the assets instead of the cash avoids capital gains tax on the sale. Plus, you can obtain a tax deduction for the full fair-market value of the property.

After marriage, you can file a joint income tax return. This simplifies the filing process, but you may find your tax bill either higher or lower than if each of you had remained single. It may be higher because when you file jointly, more of your income is taxed in the higher tax brackets. This is known as the marriage tax penalty. There are laws to provide relief, which were made permanent by the American Taxpayer Relief Act of 2012. This has remained in place under the Tax Cuts and Jobs Act of 2017 with the exception of married taxpayers in the highest tax bracket.

It is not possible to avoid the marriage penalty by filing separate returns after you’re married. In fact, if you file as “married filing separately,” you can increase your taxes. Talk to our tax specialists if you have questions about the best filing status for your situation.

Under a joint ruling in 2013 from the IRS and Department of the Treasury, same-sex couples, legally married in jurisdictions that recognize their marriages, are treated as married for federal tax purposes. This includes income, gift, and estate taxes. This ruling applies regardless of whether or not the couple lives in a jurisdiction that recognizes same-sex marriage. Moreover, the ruling applies to all federal tax provisions where marriage is a factor. This include filing status, claiming personal and dependency exemptions, taking the standard deduction, employee benefits, contributing to an IRA, and claiming the earned income tax credit or child tax credit. Any same-sex marriage legally entered into in one of the 50 states, the District of Columbia, a U.S. territory, or a foreign country is covered by the ruling. However, the ruling does not apply to registered domestic partnerships, civil unions, or similar formal relationships recognized under state law.

Most of the time, you cannot. However, feeds paid specifically for estate or income tax advice pursuant to a divorce may be deductible. Plus, frees made to determine the amount of alimony or to collect alimony are deductible. These would be miscellaneous itemized deductions that are subject to the 2% limit.

For tax years 2018 through 2025, miscellaneous itemized deductions (Form 1040, Schedule A) have been eliminated due to tax reform. This was part of the Tax Cuts and Jobs Act of 2017.

Most of the time, the custodial parent is entitled to the deduction. However, this is typically negotiated in the divorce settlement. If both parents fully agree in writing, the non-custodial parent can take the deduction.

For tax years 2018 through 2025, the personal exemption as well as dependent exemptions is eliminated due to tax reform. This was part of the Tax Cuts and Jobs Act of 2017. However, the dependent exemption deduction for noncustodial parents still exists for 2018 to 2025. In other words, it was not repealed. Rather, it is reduced to $0.

The answer will vary based on your circumstances. The federal government imposes estate taxes at your death only if your property is worth more than a certain amount based on the year of death. According to some estimates, more than 99% of estates do not pay any estate tax. In 2023, the exemption limit was $12.92 million, which was up from $12.06 million in 2022. Estates worth more than $12.92 million are taxed at 40%. For married couples, the exemption is $25.84 million. There are a couple of important exceptions to the general rule, however. All property left to a spouse is exempt from the tax as long as the spouse is a U.S. citizen. Additionally, if you leave property to a tax-exempt charity, estate taxes won't be assessed.