Retirement planning is one of the most important financial moves Americans can make as they get older. But many people who can put away money focus on the size of their contributions and total amount saved rather than the tax implications of what they set aside. However, how your retirement income is taxed has an impact on your money both now and in the future. Here’s what you need to know about the three main tax options. Read More»
Expats face many challenges when moving and working abroad. One of these is their income tax reporting. Many expats find out during their research that the possibility of double taxation is very real. What is double taxation for foreign income, and what are the two ways to avoid it? Here’s what you need to know. Why Might Income Be Taxed Double? No one likes paying income taxes, so the idea of paying them twice on the same income is alarming. Read More»
Tax-related issues can be too complicated for most people to handle. For this reason, it is vital to hire a tax professional to help you with tax preparation. It may seem cost-effective to do it yourself, but it is not. If you try to do it on your own, you might realize that it is more challenging than you had thought, and it is better to hire a professional tax service provider to avoid making costly mistakes. Read More»
In 2018, sports betting became legal in many states. In addition to becoming legal, sports betting is easier than ever thanks to new sports betting apps that allow you to make sports bets in real-time. Not only is this a fun hobby for many, but it can also be quite lucrative in some cases. What some sports betting enthusiasts don’t realize is that you are required to report any income from gambling and pay taxes. Read More»
Writers who act as sole proprietors can have tax situations that are more complicated than many other professionals. Hiring a tax planner for help is always recommended. Check out a few of the common mistakes writers make on their self-filed taxes. Mistake: Not taking advantage of business-related losses after an investment. Did you spend a lot of time and money to create a book and you had no sales? You may be able to claim a business loss on your taxes. Read More»
Are you a landlord that wants to expand or change your business into new areas? If so, a like-kind exchange could be your ticket to a new market or a new way of operating your rental business. How can a like-kind exchange spur change? Here are three ways to do just that. 1. Exchange Properties for New Types Tax-delayed like-kind exchanges — where you sell one rental property and purchase a replacement one within the allotted time to avoid capital gains taxes — are useful for landlords who want to pursue new opportunities. Read More»
Dealing with the Internal Revenue Service (IRS) can be scary and confusing, and to get through the process, you may want to hire IRS representation. Wondering if you need representation? Here are five signs you should consider calling someone. 1. You Don’t Understand the Tax Issue in Question Typically, IRS issues start with the agency contacting you through the mail. The letter may request more information to back up certain claims on your tax return, or it may alert you that the agency has changed a number on a tax return. Read More»
When it comes time for you to do your taxes, doing it the correct way is important. While some people may attempt to complete tax preparation by themselves, there is a much greater chance that they will make mistakes and eventually need to complete an amended return. If getting it right the first time is something you prefer, meeting with a tax preparer to get help with filing a tax return is the best solution. Read More»
The last entity that you want to owe money to is the IRS. The IRS has the power to put tax liens on your property and even garnish your wages in order to get the money that you owe them. If you find yourself in debt to the IRS, you need to take action right away. Way #1: File for Bankruptcy One way to deal with your taxes is by filing for bankruptcy. Read More»
Have you been laid off or furloughed during the Covid-19 pandemic? With millions of Americans being laid off each week, many people are relying on unemployment benefits. While these are a lifeline during an economic or financial crisis, such benefits will also affect your income taxes in the spring. How? Here are the most important ways they will affect you and how to manage them to avoid a tax bill bite. Read More»