Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24. The kiddie tax originated many years ago to close a tax loophole…
If you are buying a new car, are you wondering what to do with the old one? You have several options, some of which have tax implications and some of which don’t. These options include trading the car in with the dealer, selling it to a third party, donating it to a charity, gifting it…
When you sell property you will have a gain or a loss based on your basis. Failure to document may cost you. Read all about it in this week’s Tax Tip.
A married couple can choose to file jointly or separately. Both statuses can result in surprises – some pleasant and some unpleasant. We explain in this Tax Tip.
In today’s Marietta Daily Journal, Bil Lako, CFP® explains the how saving for retirement to a Roth IRA for tax-free retirement funds and saving pre-tax money to a 401(k) can benefit you regardless of what you choose. Read the article here. Disclosures: The investments referenced within this article may currently be traded by Henssler Financial.…
If you’re a small business owner, you may qualify for a home-office deduction. We explain the qualifications and two methods in this week’s Business Tip.
Virtually any loan interest will qualify for the student loan interested deduction if the loan proceeds are used solely for qualified higher-education expense. We explain in this Question of the Week.
The IRS is so focused on cryptocurrency that it issued warning letters to more than 10,000 taxpayers that it suspects might have an under-reporting problem. We explain in this week’s Tax Tip.
The “Money Talks” experts compare saving money to a Roth IRA for tax-free retirement funds versus taking the tax break now by saving pre-tax money to a 401(k).
Your 2018 tax return has either been filed or extended. Now it’s time to look at the changes that will impact your 2019 return when you file it in 2020. Read more in this week’s Tax Tip.
