How Can a Nonworking Spouse Qualify to Fund an IRA?
A frequently overlooked tax benefit is the spousal IRA, which allows a nonworking or low-earning spouse to contribute to his or her own IRA, as long as his or her spouse has adequate compensation.
Start 2022 Off Right: Clean Up QuickBooks
Is your QuickBooks company file ready for 2022? Here are three things you can do to put things in order.
New Tax Information Reporting Requirement for Cryptocurrency
With the Infrastructure Investment and Jobs Act of 2021, cryptocurrency exchanges will have new information reporting requirements starting in 2023. The first reporting forms related to crypto transactions will be issued to the IRS and investors in January 2024.
Most Investors Will Pay Tax on a Portion of Their Social Security Benefits
Managing Associate K.C. Smith, CFP®, CEPA, and Research Analyst Nick Antonucci, CVA, CEPA, join Chief Investment Officer Troy Harmon, CFA, CVA, to address a couple’s concerns about taking Social Security benefits knowing they will likely be taxed on their benefits.
10 Tax-Saving Strategies to Consider Before Year-End
With the end of the tax year just around the corner, tax-savvy individuals need to take some time from their busy schedules to review the tax planning steps they’ve already taken and see what else they need to do.
Take Advantage of Tax-Free Gifting
If you are fortunate to have a large estate, you can make gifts without reducing your lifetime exclusion, including an annual gift exclusion and paying for medical or educational expense directly to the provider.
December 2021 Business Due Dates
While you may have holiday music on and customers are swept up in a holiday rush, as a business owner, you have some important deadlines to meet before the end of the year.
Avoiding IRS Underpayment Penalties
Our tax system is set up to “pay-as-you-earn,” but there are situations where taxpayers can get into trouble and face underpayment penalties. We explain how to avoid these situations in this week’s Tax Tip.
Record Expenses in QuickBooks Online and On Your Phone
It’s easy to go out to lunch with a client and forget to save the receipt, which means your books won’t be accurate. QuickBooks Online provides two ways to enter expenses: record on the site itself, or you can snap a photo with your phone using the QuickBooks Online mobile app.
Understanding Tax Lingo
It can be difficult to understand the basic lingo and acronyms used by tax professionals; however, to grasp what they are saying you need to be familiar with the basic terminologies used in taxation.