There are benefits and limitations when you decide to donate stock. Why sell shares when you can gift them? If you have appreciated stocks in your portfolio, you might want to consider donating those shares to charity rather than selling them. Why, exactly? Donating appreciated securities to a tax-exempt charity may allow you to manage […]
Tag: tax
Details on the Tax Deadline Extension
The I.R.S. is giving you three additional months to file and pay. The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes […]
FAQs About the 2020 Stimulus Checks
Answers to some frequently asked questions. The federal government is providing a little economic relief to many taxpayers. The Internal Revenue Service is sending millions of Economic Impact Payments – or as they are commonly called, stimulus checks – to households. Here are some facts to know about these payments. Keep in mind: this article […]
Tax-Loss Harvesting
A useful year-end move to counteract capital gains. Even though this may end up being a subpar year for stocks, you may realize capital gains, which is a taxable event. What can you do about them? You can do what some investors do – you could recognize investments with a loss and practice “tax-loss harvesting.” […]
What if You Get Audited?
What the I.R.S. looks for and why. “Audit” is a word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. In 2017, the I.R.S. audited 0.5% of all individual tax returns.1 Being audited does not necessarily imply that the I.R.S. suspects wrongdoing. The […]
Coping with an Inheritance
A windfall from a loved one can be both rewarding and complicated. Inheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have considered. […]
The Gift Tax
Not all gifts are taxable. I’d like for you to meet my friend, Hugh. He’s a retired film stuntman who, after a long career, is enjoying his retirement. Some of what he’s enjoying about his retirement is sharing part of his accumulated wealth with his family, specifically his wife and two sons. Like many Americans, […]
Will You Avoid These Estate Planning Mistakes?
Too many wealthy households commit these common blunders. Many people plan their estates diligently, with input from legal, tax, and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth. Here are some common and not-so-common errors to avoid. Doing it all yourself. While you […]
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When Is Social Security Income Taxable?
To find out, look closely at two factors. Your Social Security income could be taxed. That may seem unfair or unfathomable. Regardless of how you feel about it, it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above a certain yearly income level in that […]
Retirees, Check Your Withholding
It may need to be adjusted due to the 2017 federal tax reforms. The Internal Revenue Service has a message for you. You may need to adjust the amount withheld from your paycheck or the size of your estimated tax payments because the agency is using new withholding tables this year. Should you underpay your […]