January 1: New Year’s Day January 15: 4th Quarter Estimated Payments Due January 21: Martin Luther King Jr. Day Start tax planning for the new year: – Adjust withholdings – Organize filing records – Schedule tax consultation – Rebalance investment portfolio
When you inherit a home and sell it, you pay capital gains tax based on the value of the home on the date of the owner’s death. For example, if you inherit your dad’s vacation cabin, and it was worth $300,000 when he died, and you later sell it for $325,000, you’ll pay tax on the $25,000 gain.
As of Sept. 21, a new law requires that the three major credit reporting bureaus allow you to place or lift a security freeze on your credit files without charge. When your files are frozen, lenders can’t check your credit. That means an identity thief can’t take out new credit or borrow in your name.
With the cost of college tuition rising, some grandparents are pitching in. Grandparents who want to help out have several options, but many come with limitations or possible pitfalls: Cash gifts: If your grandchild won’t qualify for financial aid, a cash gift may be a good option. Under federal law, couples can give up to $30,000 per year before being subject to gift taxes. However, if your grandchild might qualify for financial aid, such a cash
Generally, people don’t think about a Health Savings Account (HSA) as a savings account. The HSA was intended to be a tax-advantaged account to pay for medical expenses, but in certain ways it’s better than an IRA. An HSA is a tax-preferred investment account with triple tax advantages. Your money isn’t taxed when it’s contributed, as it grows, or when you spend it on qualified expenses. It’s the only tool that allows you to contribute tax-deductible
There’s a lot to do when you move to a new state. In midst of the hustle, certain matters can be overlooked, including important things such as estate planning documents. Property laws vary from state to state, so it’s a good idea to revisit these documents if you’ve moved. Have your will, trust, power of attorney and advance directive reviewed by an advisor familiar with the laws of your new home.
Following the Tax Cuts and Jobs Act (TCJA), many taxpayers are concerned about losing tax breaks for charitable contributions. Under the law, fewer households have a tax incentive to make charitable gifts. However, with planning, individuals and businesses can still benefit from donations. The law increased the standard deduction to $12,000 for individual filers and $24,000 for married households filing jointly. This increase, plus the elimination of other deductions, means many households will no longer itemize,
If you do business using the internet, you want to ensure your internet contracts are enforceable. To do that, terms need to be presented in such a way that users have reasonable knowledge of them. Your internet agreements may cover a range of terms including: allowable use of the site, privacy policies, subscriber agreements, terms of sale, and credit card agreements. These agreements can impact where a lawsuit is adjudicated and whether arbitration is mandatory, among
Included in the Tax Cuts and Jobs Act was a provision that disallowed tax deductions for settlements between federal agencies and companies accused of wrongdoing. While previous tax law already barred deductions for criminal fines and penalties owed to the government, businesses could still deduct payments made to compensate victims or correct damages. The effect, critics said, is that taxpayers ended up subsidizing corporate misconduct.
After ruling in favor of a baker who refused to create a wedding cake for a same-sex couple, the U.S. Supreme Court declined to hear a case involving a florist who made a similar denial. The court sent the florist’s case back to a lower court, directing it to revisit the decision in light of the ruling involving the cake, the Masterpiece Cakeshop case. In ruling for the baker, Jack Phillips, the court held that Colorado
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