Real estate is, in our opinion, a very illiquid investment, and not ideal for those close to retirement. Additionally, to hold it in your IRA you have to be able to purchase it outright. You cannot mortgage the property.
If you sell an asset—be it a stock or your car—it comes with tax implications. Regardless of whether you expect to incur a gain or loss, there might be a way to strategically maximize the amount you get to put in the bank.
Who is “FICA” and why does he get so much of my paycheck? Because it funded a program designed to address the problem of economic security for the aged through a contributory system in which the workers themselves contributed to their own future retirement benefit.
The dream is to be your own boss and work for yourself. However, with that dream comes with self employment taxes, Schedule Cs and many accounting decisions.
Capital gains or losses come from the sale of a capital asset. However, the IRS considers more than just your stocks and mutual funds capital assets.
As the subject of taxes is often political, history shows top earners generally pay more taxes.
Capital gains are generally taxed, but if you’re selling a sole proprietorship, you may have some flexibility. Read more in this Business Tip.
It’s an honor to be a nominee…or that is what award shows will have you think. But what if we’re talking 1099s? Learn more in this Tax Tip.
You’ve got homework! Lots of things happened last year, and it may affect your taxes–time to pull your records together! Learn more in this Tax Tip.
Congress made numerous changes to the tax code that affect all taxpayers—not just the “rich.” Review the major provisions. Learn more in this Tax Strategist.
