Taxes on Collectibles
Many valuable coins, stamps, artwork, cars, and other collectibles are considered alternate investments by the IRS. With the pandemic reportedly sparking new interest in memorabilia and the trading of collectibles going digital–some using online tokens as payment–it’s time to brush up on what that means for your taxes. Click To View
Estate Planning Lessons from the Queen of Soul
You gotta give estate planning a little respect for the sake of your heirs. When Aretha Franklin passed away in 2018, the singer’s legacy followed a path trod by all too many iconic musicians before her, including Prince and Tom Petty. That legacy includes courtrooms, IRS debts, and plenty of confusion on who will inherit […]
Stock Trading Apps: The Taxing Truth
A lifetime of events has happened since, but do you remember the GameStop stock trading fiasco mere weeks ago? The event held several financial lessons, but let’s focus on just one: Brokerage digital apps like Robinhood have famously made trading stock an everyday man’s game. But it’s leaving many new investor hobbyists with shocking tax […]
That’s NOT The IRS Calling!
The IRS will never visit, call, email, or text with an unexpected and immediate demand for payment, especially with threats of deportation, license revocation, arrest, or Social Security Number (SSN) cancelation. These threats may seem like they’re coming directly from the IRS or a federal office, but don’t fall for it. If you owe taxes, […]
Tax Season Checklist Changes
If you were a generous giver in 2020, the federal government wants to reward you. Individual taxpayers who use the standard deduction can claim an “above-the-line” deduction of up to $300 for cash contributions made to qualifying charities during 2020. Individuals who itemize may claim up to 100% of their adjusted gross income in 2020 […]
Large Gift & Estate Tax Changes In 2021?
The Tax Cuts and Jobs Act (TCJA) temporarily increased the basic exclusion amount of large estate gifts and reduced federal estate tax rates. The moves were made to help high net worth individuals offset estate taxes at the time of death. But what happens now? How might the new administration change course? Click To View
Relying on Social Security Is Risky
You worked your entire life for this. So, why not take full advantage of Social Security benefits the moment you can? There’s some merit to that way of thinking, but the reality isn’t as rosy. Relying on Social Security for the long haul — and to fund a significant portion of your retirement — is […]
Clarity on Charitable Donations
This year is unlike any other. That truth is clear when it comes to charitable contributions. Several relief measures and new tax rulings may affect your usual giving plan, for better or for worse. If you’re a business owner, even more opportunities abound. It’s worth a close look before the end of the year to […]
Audit Trigger 2020
After a brief break during the height of the spring shutdown, the IRS is back at it, auditing certain taxpayers. Your financial situation has likely gone through some unexpected bumps in 2020, which means your taxes could be more complicated than ever for the coming tax season. Keep an eye on the following tax triggers […]
Tax-Free Education: A Study Guide
Online options for schools have exploded in the wake of the pandemic. If you’re looking to expand your mind as you finish out your quarantine year, consider heading back to the virtual class-room. Or perhaps you’ve been hoping to help a family member with their education expenses. Each one of these non-traditional learning routes can […]