Taxes

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…

January 23, 2025Duties and tariffs are different types of fees imposed on goods entering a country to generate revenue for the government or protect domestic industries. Duties are based on specific product characteristics and are generally permanent and set by international trade agreements. Tariffs, on the other hand, cover a broader category of taxes or restrictions on… read more…

January 21, 2025Tariffs are taxes on imported goods. They can affect product costs and company profits in international trade. Knowing which goods are tariffed could help you anticipate price changes, assess investment options, or decide on industry support. Financial advisors can also work with you to identify such goods and their implications. How Tariffs Work Governments impose… read more…

January 21, 2025Tariffs can be used by government policymakers to protect domestic industries from competition and correct trade imbalances, but they also influence exchange rates and currencies in ways that affect business profits and investment decisions. For example, if adding or raising tariffs  reduces imports from a particular country, it can cause that country’s currency to be… read more…

January 21, 2025Derived from the Latin term meaning “according to value,” an ad valorem tariff is a tax imposed on goods based on their value rather than their quantity or weight. This type of tariff is commonly used by governments to regulate imports, protect domestic industries and generate revenue. A financial advisor can help you understand how… read more…

January 16, 2025Dividing tax debt during a divorce depends on when the debt was incurred, state laws and other factors. Responsibility for back taxes may be shared or assigned to one spouse, often based on whether the debt arose before or during the marriage. However, IRS rules may not align with a divorce court’s decision. A financial… read more…

January 13, 2025A tariff is a tax imposed on imported goods, typically collected by customs authorities at the point of entry. While the tariff is paid directly by the importer bringing goods into the country, its financial burden often gets passed down the supply chain. This can result in higher prices for wholesalers, retailers and, ultimately, consumers.… read more…

January 13, 2025Tariffs, such as those implemented during the Trump administration, can influence everyday expenses by raising the cost of goods subject to import taxes. And this can mean higher prices on items like electronics, clothing and food, as businesses often pass their increased costs onto consumers. These additional expenses could impact household budgets, especially for families… read more…

January 8, 2025Tariff and non-tariff barriers play important roles in shaping trade policies and economic relationships between countries. While both serve as tools for regulating imports and exports, they differ significantly in their application and impact. Tariffs are essentially taxes imposed on imported goods, designed to make foreign products more expensive and less competitive when compared with… read more…

January 8, 2025Historically, you could deduct some financial advisor and tax preparation fees. Under the current tax code, that is no longer the case. For example, say that you paid $4,500 this year in fees to your financial advisor. There are no specific tax breaks for this spending for the 2024 tax year. However, the Tax Cuts… read more…

January 6, 2025Money likes certainty, and right now there’s ambiguity ahead. In 2017, the Trump Administration passed one of the largest tax cuts in U.S. history. While this was a complicated law with many moving pieces, it focused broadly on three main areas: reducing corporate taxes, reducing high-income individual taxes, and doubling the standard deduction for individuals.… read more…

January 3, 2025Tariffs are taxes on imported goods that affect trade between countries. They are often used to protect local industries or raise revenue. Common targets for tariffs include agricultural products, manufactured goods and raw materials. Tariffs can also be used as tools in trade negotiations to influence market access and trade agreements. A financial advisor can… read more…

January 1, 2025Tariffs and taxes both generate government revenue but serve different purposes. Tariffs are fees on imported or exported goods, often used to influence trade by making foreign products less competitive. Taxes are financial charges on individuals or businesses to fund government activities. Knowing how each can affect the economy and your bottom line could help… read more…

December 10, 2024A protective tariff is a type of tax imposed on imported goods to make them more expensive compared to domestic products. Governments use protective tariffs to shield local industries from foreign competition, often with the aim of encouraging the growth of domestic businesses. By increasing the price of imports, protective tariffs make locally produced goods… read more…

December 10, 2024A Reverse Morris Trust is a financial strategy that allows a company to divest certain assets while minimizing tax implications. This arrangement involves merging a subsidiary with another company, enabling the original firm to distribute assets without triggering taxes on gains. Often used by large corporations aiming to offload underperforming or non-core assets, a Reverse… read more…