Choosing a Business Structure
According to the U.S. Census Bureau, there were over five million new business applications submitted in 2022 alone. All individuals pursuing the dream of exercising their entrepreneurial muscles will face the same question, “Which business structure should I adopt?”1 Each strategy presents its own set of pros and cons. To complicate matters a bit, the […]
Strategies for Managing Student Loan Debt
If college were a party, then student loans are the hangover. Unfortunately, the “hair of the dog” won’t cure this headache, but here are some ideas for managing your student loan debt. The programs listed are not intended as tax or legal advice. They may not be used for the purpose of avoiding any federal […]
What’s My 2024 Tax Bracket?
Critical Estate Documents
Financial Documents Joint Ownership Durable Power of Attorney Living Trust What does it do? Enables you to own property jointly with another person Authorizes someone to handle legal and financial decisions if you become incapacitated Holds your belongings until your death Can it authorize someone to handle your financial affairs if you are unable to […]
Capital Gains Tax When Selling Your Home
What’s My 2023 Tax Bracket?
Tax Rules When Selling Your Home
How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home or are considering doing so, you may want to be aware of these new rules. Home Sale If you owned and lived in your home for two of the last five […]
Does Your Child Need to File an Income Tax Return?
As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS does not exempt anyone from the requirement to file a tax return based on age, […]
You May Need to Make Estimated Tax Payments If…
You may have to make estimated tax payments if you earn income that is not subject to withholding, such as income from self-employment, interest, dividends, alimony, rent, realized investment gains, prizes, and awards. You also may have to pay estimated taxes if your income tax withholding on salary, pension, or other income is not enough, […]
Five Most Overlooked Tax Deductions
Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five most overlooked opportunities to manage your tax bill. Reinvested Dividends: When your […]