Taxes

April 12, 2022If you’re self-employed, you must file quarterly taxes every few months. These are your estimated tax payments, making up for the fact that you don’t have an employer to withhold your taxes over the course of the year. Quarterlies can be a hassle, but skip them and you’ll face a massive tax bill come April. Consider… read more…

September 11, 2025When inheriting an annuity, the tax rate depends on how the original contract was funded and how distributions are taken. If the annuity was purchased with pre-tax dollars, beneficiaries usually pay ordinary income tax on withdrawals. For annuities bought with after-tax dollars, only the earnings portion is taxable. The timing of distributions, whether taken as… read more…

April 11, 2022Owning a home can yield some benefits at tax time if you’re able to deduct mortgage interest. If you paid interest on a mortgage loan, your lender should provide you with a Form 1098 Mortgage Interest Statement at the beginning of the year. There are several key pieces of information on this form that you’ll… read more…

August 2, 2025From flexible work hours to not reporting to a boss, being self-employed comes with a lot of perks. However, with the freedom of working for yourself also comes responsibilities such as paying quarterly taxes. Here’s a checklist and basic steps… read more…

March 22, 2023You might know a lot about geometry or grammar. But most of us weren’t taught how to file taxes in high school. Since taxes are an unavoidable part of life, you’ll have to learn how to do this at some… read more…

November 10, 2025With tax season in full swing and the April 18 filing deadline rapidly approaching, many Americans are once again wondering whether they should take a standard deduction or consider itemizing their deduction. If you’re considering itemizing your deductions and up… read more…

March 28, 2025If you invested in gold and sold it for a profit, you are probably looking for ways to minimize your taxes. Smart tax planning is crucial for the success of your investments. And there are definitely ways to minimize capital gains… read more…

July 15, 2025When a loved one passes away, most families hold a funeral to mourn, remember the deceased’s life and pay last respects. While these events are a good way to gather family and friends to honor the deceased, funerals can be… read more…

March 11, 2025Divorce settlements can be extremely complicated. While it makes eminent sense to work with a financial advisor as you plan your finances for a divorce, there are several key areas that can hold promise of avoiding or at least minimizing… read more…

March 21, 2022The Hope Credit, which is the previous and perhaps better known name of the American Opportunity Tax Credit, is a federal tax break that can help people pay for college or trade school. This credit offers up to $10,000 in tax credits per student over four years to cover qualifying educational expenses. Students pursuing degrees… read more…

June 24, 2025Whether you have access to a workplace retirement account or not, everyone with earned income can contribute to their own IRA. However, depending on your income, work situation and the type of IRA chosen, your contributions may or may not… read more…

September 14, 2025As with any type of investment, you’ll have to pay taxes on your mutual fund returns. If you sold the fund, you’ll have to pay capital gains taxes or ordinary income taxes depending on when the sale occurred. If you didn’t sell the fund but received dividend payouts, you’ll still need to pay taxes on… read more…

March 10, 2022A home equity loan is a loan using your house as collateral — a somewhat risky move, but useful in some circumstances. Furthermore, you may be able to deduct the interest you pay on a home equity loan as long as you meet some requirements. Taxpayers who itemize deductions on their returns, spend the proceeds… read more…

March 14, 2025Capital gains tax applies when you sell an asset for more than you paid for it. While the IRS typically offers an exclusion for capital gains from the sale of a primary home, the rules are a little different when selling a property that you don’t live in full-time. Before unloading a vacation or rental… read more…

January 30, 2025If you gain wealth of any kind, you must pay taxes on it. This includes physical property, money and debt forgiveness. Likewise, winning a bet counts as gaining wealth, which means you must report it to the tax authorities. In 2018, a Supreme Court ruling struck down federal legislation that banned the practice nationwide. Today, the… read more…

August 24, 2025Current tax law does not allow you to take a capital gains tax break based on age. In the past, the IRS allowed people over the age of 55 a tax exemption for home sales. However, this exclusion was closed… read more…

July 15, 2025A 401(k) plan is a powerful tax-advantaged tool for retirement savers. Employer matches offered by some plans make them even more potent. However, except in special cases you can’t withdraw from your 401(k) before age 59.5 Even then you’ll usually… read more…

June 4, 2025The standard tax rules on individual retirement accounts (IRAs) change when you’re dealing with inherited IRAs. Some differences are positive. For instance, someone who inherits an IRA doesn’t pay a penalty for early withdrawal before age 59.5. On the negative… read more…

July 15, 2025An annuity is an insurance company product that sometimes appeals to investors who are risk-averse or who have contributed the maximum to their retirement accounts. One advantage of an annuity is that there is no maximum contribution like 401(k)s or… read more…

May 9, 2023A home equity line of credit (HELOC) and a home equity loan both free up cash by accessing the equity you have in your home. In both cases, the interest charges may be tax-deductible. The HELOC is a line of credit,… read more…

February 27, 2025Taxpayers preparing their federal returns for 2023 will be able to reduce what they owe by taking advantage of some significant credits, deductions and other tax breaks. Here are some of the most popular tax breaks you can potentially use… read more…

February 17, 2022Most people use the terms real estate taxes and property taxes interchangeably. However, while both terms cover taxes paid on real estate, property taxes include other types of assets as well. Let’s compare the differences between real estate tax vs. property tax, break down how they’re calculated and explain when they qualify for a tax… read more…

February 11, 2025Real estate continues to be an appealing asset class for investors as property values rise. While many investors choose to invest in homes or apartment buildings, others prefer to invest in raw land. There are fewer maintenance costs with no… read more…

February 16, 2022An inter vivos gift occurs when you give someone assets without receiving anything in return. To be considered an inter vivos gift, you must give them this property while alive. If you give them this property after you die, it is considered a testamentary or post-mortem transfer. Let’s break down key differences and what you… read more…

August 17, 2025Accountants and certified public accountants (CPAs) are two types of financial professionals serving both individuals and businesses. Even though their titles are often used interchangeably, they perform different services. CPAs can do everything accountants do, but accountants cannot do everything CPAs do. CPAs can also perform audits and are professionally licensed, but accountants are not.… read more…