States That Tax Social Security Benefits | A Few Tax Moves to Make by New Year's Eve | The Wash Sale Rule: Six Things to Know
Created for {EMAIL} | [Web Version]( December 17, 2023
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[] Taxes in Retirement
[] [States That Tax Social Security Benefits](
[States That Tax Social Security Benefits]( (Getty Images)
There is a lot of discussion currently about the future of Social Security and whether the program will remain financially stable and viable for future generations. However, if you are one of the 67 million individuals who receive Social Security benefits each month, you may be wondering if your state still imposes taxes on that income. While it is becoming less common for states to tax Social Security benefits, 11 still do. [Here is a list of those states](. [] Tax Planning
[] [A Few Tax Moves to Make by New Year's Eve](
[A Few Tax Moves to Make by New Year's Eve]( (Getty Images)
As December rolls on, many of us are preoccupied with holiday festivities, spending time with family, traveling, and buying gifts. However, as much as we may want to avoid it, it's also important not to forget about certain tax-related matters that should be addressed before the year ends, on Dec. 31. This article, taken from the Kiplinger Retirement Report, offers a [few last-minute strategies that can reduce your taxable income](. [7 Secrets to Know About Hiring a Financial Advisor](
Choosing a financial advisor is a major life decision that can determine your financial trajectory for years to come. Be aware of these 7 secrets comfortable retirees know about hiring an advisor, so you can find peace of mind and potentially avoid years of stress. [Learn More]( ADVERTISEMENT [] Capital Losses
[] [The Wash Sale Rule: Six Things to Know](
[The Wash Sale Rule: Six Things to Know]( (Getty Images)
As 2023 comes to a close, you may be assessing your investments. Perhaps you’re looking to sell and repurchase declining stocks to offset losses. If you are, beware of the IRS wash sale rule, which can be triggered when you sell a security at a loss and repurchase it in a short period. Disallowed losses are a potential pitfall of violating the wash sale rule, so [here are six things you should know](. Featured Content Sponsored Content from The Kiplinger Tax Letter
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[] Tax Breaks
[] [How to Legally Earn Tax-Free Rental Income](
If you own real estate, you know your rental income needs to be reported on your federal income tax return. Although, you can usually deduct associated expenses from that rental income. But did you also know there is a legal way to earn tax-free rental income? The IRS rule exempting some short-term rental income from tax first gained attention due to the Master’s golf tournament in Augusta, Georgia. Now, due to the rise of short-term rental platforms, like Airbnb, and a recent Tax Court decision disallowing some rental income deductions, the rule has gained more attention. [Read More]( [Are You Estimating Your Medicare Coverage Correctly?](
In a recent quiz by Athene, more than 25% of respondents think at least one medical need is covered by Medicare that isn't. Medicare beneficiaries either pay out-of-pocket for things like routine dental and vision care or buy separate insurance coverage to help with the bills. [READ MORE]( ADVERTISEMENT [] In Case You Missed It
[] [The Gift Tax Exclusion for 2023](
Of course, with it being the holiday season, you might be planning to give cash or property to family or friends. Keeping those gifts below the annual gift tax exemption amount can help you save time and money. Thatâs because the gift tax exclusion (also known as the gift tax limit) allows you to give money or property each year to family members, friends, and others without paying any federal gift tax or filing a gift tax return. Do you know how much you can give tax-free this year? [Read More]( [A better way to invest](
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[] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger)
Get a [FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price]( to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER
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