Tax Consequences of Virtual Transactions
As social distancing turns convenience into necessity, the number and types of activities moving to the internet is exploding. It’s important to remember that these virtual events often trigger real-world tax implications.
Maximizing Your Working From Home Opportunity
Flexible working arrangements appear to be here to stay. But the benefits of working from home also come with the challenge of maintaining an appropriate work-life balance and a high level of productivity. Here are several ideas to consider if you’ll be continuing to work from home, either full-time or occasionally:
Start Your 2022 Tax Planning NOW!
Keeping your taxes as low as possible requires paying attention to your financial situation throughout the year. Here are some tips for getting a head start on tax planning for your 2022 return:
Common April Tax Questions Answered!
The individual tax deadline of April 18th (yes, this year it's April 18th!) is fast approaching. Here are answers to five common questions that taxpayers typically ask in April.
The Second Best Investment
Many companies offer 401(k) or similar retirement plans to their employees, and an employer match might be available. If that's the case, you should contribute to the plan at least enough to get the full match.
The True Cost of Higher Education
The College Board reports that full-time students at private institutions typically paid almost $44,000 for tuition, fees, room and board during the 2015-2016 academic year. That's the average, so costs at some private colleges and universities were well over $50,000 per year. Higher education at public schools was much less expensive, but in-state students still spent nearly $20,000 for tuition, fees, room and board, on average. All college costs continue to rise, so younger students probably will pay even more when they arrive on campus.
Using IRA Money to Buy a Business Can Be Dangerous
Business owners may need capital to support growth, and the money in their IRA can be tempting: Nevertheless, the pitfalls can be steep, as illustrated in a recent Tax Court case (Thiessen v. Commissioner, 146 T.C. No. 7 [3/29/16]). Here, the court ruled that because a married couple had entered into prohibited transactions with respect to their IRAs, the assets in the IRAs were deemed to have been distributed, resulting in a huge tax bill.
ETFs Can Be Plain or Fancy
From virtually nowhere, exchange-traded products have grown to over $3 trillion in assets. A small portion of these products are exchange- traded notes (ETNs), but most are exchange-traded funds (ETFs): typically, pools of securities that trade like stocks.