Wouldn’t it be nice to check out of the workforce early and not need to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help
Beginning In April a number of IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is turning on mailing their notices after a long time of being turned off. Their process is creating a lot of undue alarm. Example: A small business, current in their tax payments, receives a
One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law changes? What if
If a user wants their iCloud data to be accessible to designated beneficiaries after their death, they can set up Legacy Contacts on their account. A Legacy Contact beneficiary gains access to all of the decedent’s iCloud data, including almost all end-to-end encrypted data but excluding iCloud Keychain data like account passwords. The technology
The Texas Comptroller of Public Accounts is warning citizens that criminals are sending emails impersonating the agency’s Open Records Division, claiming citizens have committed a code violation. Do not click any links in these communications. To cause you to react and click on the link, these fraudulent emails use the subject line: Code Violation
The IRS has issued a news release reminding taxpayers that they must answer the digital asset question and report all digital asset income when they file their 2023 federal income tax returns. ( IR 2024-18 , 1/22/2024) Digital asset question. Generally, the digital asset question for individuals reads: "At any time during 2023, did
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of
With tax season in the rear view mirror, now is the time to take a hard look at your federal and/or state withholdings to ensure next year's tax bill does not surprise you. A review is more important than ever There are a number of tax code changes that will impact the amount of
A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp. It also impacts anyone using transaction platforms to buy or sell tickets for sporting events and concerts. Here is what
Your charitable contribution deductions are still a great tax savings tool, but they now require more planning. Now is a great time to look at this area as part of your tax planning exercise. Background Typically, cash and non-cash charitable donations can be deducted on an itemized return. But with the standard deduction now