If you are a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, save for college, and learn how to manage money. And you may be able to: ...
Single taxpayers with taxable income up to $39,375 ($78,750 on joint returns) can pay zero percent tax on long-term capital gains. That may suggest some income-shifting strategies. Example one: Suppose that Fred and Grace Holden plan to switch from XYZ Stock Fund to another fund. If...
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14 percent during the week of...
Generally, profits from selling assets such as securities and real estate held in taxable accounts are classed as long-term if the holding period was longer than one year. Tax rates on long-term capital gains are zero, 15, or 20 percent, depending on the seller’s income. To...
The Tax Cuts and Jobs Act (TCJA) of 2017 was not officially focused on retirement planning, but it has had a major impact on the choice of retirement plans. After-tax plans, known as Roth accounts, may be more practical now. That can especially be true...
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. As to be expected, before you even open the doors, you generally have to spend a lot of money. You may have to...
Once your 2018 tax return has been successfully filed with the IRS, you still may have questions. Below are brief answers to three questions that we are frequently asked at this time of year. Question one: What tax records can I throw away now? At a minimum,...
The 2019 ‘tax season,’ during which most 2018 tax returns are prepared, will soon peak at the April 15 deadline. One key trend is that more people are taking the standard deduction, which has increased significantly, and fewer people are claiming itemized deductions, which have...
