How Can I Turn My Hobby Into a Business? Maybe you see how an off-hours activity can become a profitable company. Or perhaps you have a spouse who brings in sufficient income to support both of you, and you’d...
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Own Property? Here’s a Smart Way to Save on Taxes Own property? Here’s a smart way to save on taxes.If you’re a property owner looking for ways to reduce your tax bill, cost segregation might be the strategy you’ve...
An annuity is a contract between you and an insurance company that is marketed to provide predictable income in retirement, often to address the risk of outliving savings. The insurance company pays you a fixed or variable income, often...
Staying proactive and detail-oriented can help you avoid the most common inaccuracies on your business taxes. Easily avoided mistakes are surprisingly common. These errors include providing an incorrect Social Security number, making math errors or entering the wrong bank...
The IRS’s annual “Dirty Dozen” memo lists 12 tax scams you should watch out for. The education effort wants to protect you from tax traps like identity theft or being misled into claiming tax credits you’re not entitled to....
There may be circumstances under which you would want to move assets from a traditional IRA to a Roth IRA. Only people who already have a Roth IRA can complete a Roth IRA conversion, but the conversion can be...
Have you ever daydreamed about how nice it would be to own a house in the woods or along the shore? Here are some financial pointers to consider if owning a vacation home is on your bucket list. Are...
There are many benefits to being your own boss, but the first step in starting a new business is picking the right entity in which to operate that business. our entity choice is important for tax purposes. As discussed...
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...
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...