The option of portability when planning your estate could make a substantial difference come tax time, especially with today’s generous estate and gift tax exemption amounts. Should you consider this option when planning your estate? Prior to 2010, the concept of portability as a tax strategy simply did not exist. Any amount of a lifetime… Read more
When Does a Gift Require a Gift Tax Return, and Gift Tax?
With lifetime gift and estate tax exemptions at an all-time high in 2020, not as many taxpayers will be subject to federal gift taxes this year. However, that doesn’t mean you won’t have to file a gift tax return. Nontaxable Gifts There are a few scenarios that do not involve paying gift tax, but you… Read more
Retirement Plan Options for Self-Employed Business Owners
Owning your own business gives you a great deal of freedom to make your own choices. It also comes with a lot of responsibility as well, including estimating and paying your own quarterly taxes, hiring reliable employees, and most importantly, saving for a secure financial future. Sometimes the choices for retirement plans can be overwhelming. That’s why we’ve laid… Read more
IRS Sends Warning Letter to Cryptocurrency Users About Reporting
Taxpayers who exchange cryptocurrency may receive a letter this month from the IRS regarding reporting issues. Due to the increase in popularity of cryptocurrency, the IRS is drawing its attention to taxpayers who may not accurately report or fail to report income and not pay taxes related to those transactions. The IRS began sending out… Read more
Retirement Withdrawal Strategies
Are you retired or thinking about it? That probably means you are preparing to transition from a regular paycheck to drawing income from your investments. Don’t forget—taxes will follow you wherever you go. Creative tax strategies are just as important during retirement as they are when saving for it. Many retirees spend most of their… Read more