Taxes

March 11, 2025The alternative minimum tax (AMT) calculation determines whether a taxpayer must pay an additional amount beyond their regular income tax liability. To calculate AMT, taxable income is adjusted by adding back certain deductions to determine alternative minimum taxable income (AMTI). An exemption is then applied, though it phases out at higher income levels. After subtracting… read more…

March 10, 2025Should you itemize your taxes? Most taxpayers take the standard each year. The Tax Policy Center estimates that only about 10% of households itemize their taxes. This is in large part because the standard deduction is $15,000 per person for individual filers ($30,000 combined for married households). That makes it large enough that, in most cases,… read more…

March 7, 2025Owning a home comes with costs, but it also provides tax benefits that can lower your taxable income. For those filing taxes in 2025, deductions like mortgage interest and home office expenses have become more relevant with the rise of remote work. Some tax benefits have been long established, while others now apply to changing… read more…

March 5, 2025California has a high corporate tax rate and strict rules, but its large market and strong economy can benefit some businesses. Companies incorporated or operating in the Golden Gate state should understand the tax rate, how it applies and the filing process. A financial advisor can help with specific tax planning needs. What Is the… read more…

March 4, 2025Delaware is a popular state for corporations because it offers business-friendly laws, a specialized court for corporate cases and tax advantages for companies operating outside the state. For businesses incorporated or operating within the state, it’s important to understand the Delaware corporate tax rate, its application and the process for filing corporate taxes.  A financial… read more…

March 4, 2025New Jersey imposes a mansion tax on real estate transactions that exceed $1 million. This 1% levy applies to residential and certain commercial properties, adding a significant cost for high-value buyers. The tax is typically paid by the purchaser at closing, though exemptions and legal strategies may help reduce or eliminate the obligation. Buyers looking… read more…

March 4, 2025The Illinois corporate tax rate applies to certain businesses operating in the state and consists of a flat income tax rate and a separate personal property replacement tax. As of 2025, the corporate income tax rate in Illinois stands at a total of 9.5% and applies to C corporations. While Illinois has one of the… read more…

February 27, 2025When you have valuable assets, significant costs or debt, or the possibility of someone getting hurt, a limited liability company (LLC) could help shield you from liability. Additionally, it can also help you with your taxes. For property owners, this business structure is commonly used to organize rental properties into separate LLCs with the goals… read more…

February 27, 2025The New York mansion tax, which is applied to real estate transactions that exceed specific price thresholds, can add significant costs. Understanding how it works, who is subject to it, and what types of exemptions exist is key to navigating New York’s high-value real estate market. Whether you’re purchasing a luxury home or considering an… read more…

February 27, 2025California is known for its high property values. And in some parts of the state, like Los Angeles, high-value property owners now face additional financial considerations with a mansion tax. Officially known as the Measure ULA, or the United to House L.A. proposition, it primarily impacts high-end property sales by adding a levy on transactions… read more…

February 25, 2025Buying high-value real estate often comes with additional costs, including the mansion tax. This tax is applied when a residential property exceeds a specific price threshold. It is typically set at $1 million or higher. The term “mansion tax” can be misleading as it applies based on property value rather than size or luxury level.… read more…

February 24, 2025Taxpayers typically amend their returns to correct mistakes, claim missed deductions or report additional income. While the IRS does allow amendments, many worry that filing a Form 1040-X could increase their chances of an audit. Since tax laws are complex, making an error when amending a return could lead to further issues. A financial advisor… read more…

February 24, 2025The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the federal tax deduction for union dues from 2018 through 2025. However, certain states, such as New York, allow union members to deduct these dues on their state income tax returns. Union members should consult a tax professional to understand their specific state laws so… read more…

February 24, 2025Are you due for a DOGE tax refund? Not yet. On Thursday, the Trump Administration made news when President Donald Trump and Elon Musk publicly discussed the idea of a tax break funded by cuts to government spending. The idea, which reportedly started as a post on X (formerly Twitter), is to issue a tax… read more…

February 20, 2025South Dakota has no state income tax, which can attract many individuals and businesses. To enjoy these benefits, you must officially become a resident. This means that you need to demonstrate that The Mount Rushmore State is your main home. You can do this by getting a South Dakota driver’s license, registering to vote and… read more…

February 20, 2025To qualify for tax benefits in Texas, which includes no personal income tax, you need to meet specific residency requirements. Establishing yourself as a true resident involves more than just relocating. You must clearly show your intent to make the Lone Star State your permanent home. This includes getting a driver’s license there, registering to… read more…

February 20, 2025Florida has no income tax. To take advantage of this benefit, it’s important to meet the Sunshine State’s residency requirements. You need to update your driver’s license, voter registration and spend most of the year in Florida to establish residency. As an added step, you may also want to talk to a financial advisor about… read more…

February 20, 2025In California, real estate transfer tax is a fee levied during the sale of a property. It is calculated based on the property’s value with additional municipal fees sometimes applied. Whether sellers cover transfer tax in California often depends on local customs. Many counties expect the seller to pay, while others shift the responsibility to… read more…

February 13, 2025The IRS credit for the elderly or the disabled is a tax benefit designed to help older adults and individuals with qualifying disabilities reduce their income taxes. Outlined in IRS Publication 524, this credit is available to individuals who meet specific age, income and disability criteria. The goal is to provide financial relief to those… read more…

February 12, 2025If you want to meet Wyoming residency requirements for taxes you must have a primary and permanent home in the state. Factors such as property ownership, vehicle registration, voter registration and time spent in the state also contribute to determining residency status. Additionally, individuals may need to update their driver’s license and mailing address while… read more…

February 12, 2025Alaska residency requirements determine whether an individual qualifies for state tax benefits, including the Permanent Fund Dividend (PFD). To establish residency, a person typically must be physically present in the state with the intent to remain indefinitely. Maintaining residency often involves actions like obtaining an Alaska driver’s license, registering to vote and not claiming residency… read more…

February 11, 2025Washington state has no personal income tax, making it an attractive place to establish residency for tax purposes. However, meeting Washington state residency requirements is not as simple as just living there. Residency rules impact tax obligations, voter registration, tuition status and other legal matters. If you are moving to Washington or have connections to… read more…

February 6, 2025Filing taxes can be challenging, and it’s easy to make mistakes like math errors, missing deductions, or choosing the wrong filing status. These mistakes can cause stress and financial issues. However, it’s important to know that if you do make an error, you can fix it to avoid penalties or interest. The IRS offers ways… read more…

February 6, 2025Indirect taxes are charged on goods and services, not on income or profits. These taxes are collected by businesses, such as retailers or producers, who then pass the payments to the government. The cost of these taxes is built into the price of products or services, often going unnoticed by consumers. Indirect taxes include various… read more…

February 5, 2025The expanded accounting equation builds upon the basic accounting equation’s use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals. This equation, often expressed as Assets = Liabilities + Owner’s Capital + Retained Earnings, offers a more detailed view of a company’s finances and helps track how these elements… read more…