Social Security Tax Update: How High Can it Go?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social […]
The Tax Consequences of Selling Mutual Funds
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the […]
House Rich But Cash Poor? Consider a Reverse Mortgage Strategy
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there […]
You May Be Entitled to Tax Breaks if Caring for an Elderly Relative
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person […]
A Three-Step Strategy to Save Tax When Selling Appreciated Vacant Land
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have […]
When Do Valuable Gifts to Charity Require an Appraisal?
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS […]
Pay Attention to the Tax Rules if you Turn a Hobby Into a Business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d […]
Treasury Has Issued Auto Dealers >$580 Million in Advance EV Tax Rebates This Year
According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024.
Taxes When You Sell an Appreciated Vacation Home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate […]
Watch Out for “Income in Respect of a Decedent” Issues When Receiving an Inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to […]
