Here’s what you need to know about Form 1099
The IRS requires 1099s to be issued to track income and, in some cases, income movement. So, you’ll have a smooth tax season if you act on every 1099 received and report all your income.
Tips
Getting Clear on Capital Gains, Part II
This is the second and final installment of our blog series explaining capital gains taxes. Last week’s introduction to capital gains taxes provided background on what constitutes a capital gain. It also provided information on what qualifies as a capital asset. This week, let’s concentrate on understanding how capital gains taxes can impact your bottom […]
Here are four telltale signs of a fake IRS letter
Happy New Year! There’s always a lot to look forward to in January. But there’s a lot to look out for, too, like new tax scams that appear annually. We discussed various text and email tax scams in a November blog post. In it, we said the IRS will never contact you via telephone, email, […]
Do you need to be concerned about the Alternative Minimum Tax?
You don’t hear much talk about it anymore, but the Alternative Minimum Tax, or AMT, has been around for a long time, and it’s a tax system that taxpayers can’t afford to ignore completely. Though most taxpayers will never be subject to the AMT, it can be a rude surprise if you are. That’s because […]
Rules for claiming relatives as dependents
The end of the year brings about an inevitable round of questions regarding tax returns, especially what is (and isn’t) legal to claim. One potentially thorny question is who can be claimed as a dependent. IRS rules cover almost every conceivable scenario, including housekeepers. That’s beyond the scope of this article. Still, we will get […]
Tax loss harvesting to offset gains
This has been a tough year for individual stock investors, but there is still a little good news even when some market indices percentages are down by double digits. That’s because those assets may be sold at a loss to help you offset gains in other stocks. They can also help you offset some of […]
How to avoid IRS texting scams
It’s sad, but texting scams have become part of life. Some are ham-fisted and easy to recognize. Maybe you’ve seen a few like these. “You’ve won a major award!” Yeah, right. “Your package is pending.” Uh-huh. “This is your bank, and we are closing your account.” That one always generates an eye roll. As we’ve become savvier […]
April in October. 3 things you can do now to make tax season painless
Most of us have heard the phrase ‘Christmas in July.’ Some of you may even consider it a little worn. It’s usually assigned to some event or sale designed to separate you from your money. So, let’s make a new out-of-season event to help you keep more money in your pocket. We’ll call it “Tax […]
Try this 4 step plan to inspire financial independence in your family
Parents spend a great deal of time focusing on their child’s formal education. And rightfully so. But some of the most important lessons, like becoming financially savvy, aren’t taught in school. It can be argued that having financial awareness supersedes formal education. What good does it do to have a highly educated child that is […]
Fall activities that won’t break the bank
Did you feel that hint of cool breeze in the air? Yes, fall is on the way. Football games, travel opportunities, and many other activities beckon people around the country to get out and enjoy the good life. And while the weather is cooling, inflation is running hotter than ever. But don’t let that put […]