Choosing Your Life Insurance Most people have life insurance for financial protection until the kids are grown, the house is paid off and they’ve got enough savings to protect their surviving spouse. Many people get a life insurance policy...
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Is Gifting a Taxable Event? Taxpayers often wonder whether gifts of cash, assets or property are taxable. The short answer is that generally they are not: The IRS allows individuals to give away assets or property each year tax...
What To Know About Closing a Business Have you decided to close your business? It’s time to voluntarily dissolve your business of operation. The process starts with you filing articles of dissolution, and at that point, you will have...
Deciding When To Take Social Security As you approach retirement age, you may wonder when you should elect to receive Social Security. How much you receive is based both on your lifetime earnings and when you start receiving payments....
Tax Tips for Marriage Status Changes The IRS generally considers whether you’re married, separated but not legally separated, or divorced at the end of the year. Marriage status is important in filing taxes; it not only determines filing requirements...
Withdrawing Emergency Funds From Your Retirement Account It is still generally a poor idea to tap into your retirement funds except in extreme circumstances. For that reason, the IRS has made it arduous to take funds out early. This...
Your Home Sale and Capital Gains Let’s start with the basics: What is capital gains tax? It is a type of tax on profits earned from the sale of assets like stock or real estate. When these are sold...
Home Improvement Energy Tax Credits When you replace old doors and windows, install solar panels, or upgrade a hot water heater, you reduce your energy bills. But the cost of making these energy-efficient improvements can be daunting. That’s where...
Rent-To-Own: How To Do It Owning a home is not the right choice for everyone. Do you like a maintenance-free lifestyle and enjoy the freedom of moving around the country? Then renting might be the smarter choice. But owning...
Tax Benefits for Homeowners What tax deductions, programs and housing allowances are available to you as a homeowner? Let’s explore a few options that the IRS makes available. If you have a mortgage, you may deduct the interest paid,...