Monthly Archives: October 2019

//October

6 Simple Personal Finance Tips That Lead to a Big Payoff

Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill [...]

By |2019-10-29T23:16:37+00:00October 29th, 2019|Categories: Uncategorized|0 Comments

Is It Better to Have a Tax Credit or a Deduction?

Article Highlights: Itemized DeductionsAbove-the-Line DeductionsBusiness DeductionsAsset-Sale DeductionsRefundable CreditsNonrefundable CreditsCarryover CreditsBusiness Tax Credits People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or a credit; these benefits’ effects are quite [...]

By |2019-10-28T23:48:12+00:00October 28th, 2019|Categories: Uncategorized|0 Comments

70-1/2 or Older? Avoid an IRS Penalty by Taking the Correct Retirement Plan Distribution

Article Highlights: Required Minimum Distribution RequirementsComputing Required Minimum DistributionRoth IRAsStill Working ExceptionUnder-Distribution PenaltyIRA to Charity TransfersBeneficiaries If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount – referred to as the required minimum distribution (RMD) [...]

By |2019-10-23T15:38:55+00:00October 23rd, 2019|Categories: Uncategorized|0 Comments

Crowdfunding Can Have Unexpected Consequences

Article Highlights: Crowdfunding SitesGiftsCharitable GiftsBusiness VenturesSEC Registration Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised [...]

By |2019-10-17T21:51:45+00:00October 17th, 2019|Categories: Uncategorized|0 Comments

6 Simple Personal Finance Tips That Lead to a Big Payoff

Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill [...]

By |2019-10-16T15:21:29+00:00October 16th, 2019|Categories: Uncategorized|0 Comments

Child Daycare and Taxes

Article Highlights: Daycare Providers Simplified Food DeductionSpecial Rules for Business Use of the Provider’s HomeHome Sale Consequences Other ExpensesOther Daycare Provider IssuesDaycare User CreditEmployer Dependent Care Benefits Other Credit Criteria When discussing daycare for children so their parents can work, there are two primary areas of discussion: one from the viewpoint of the individual providing [...]

By |2019-10-10T16:12:20+00:00October 10th, 2019|Categories: Uncategorized|0 Comments

Are You Subject to Self-Employment Tax?

Article Highlights: Self-employed IndividualsEstimated TaxesSelf-Employment Tax Estimated Tax Safe Harbors1099-MISC and 1099-KOthers Subject to Self-employment Taxincome Not Subject to Self-employment Tax Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are [...]

By |2019-10-04T21:35:11+00:00October 5th, 2019|Categories: Uncategorized|0 Comments

Earned Income Tax Credit: Used, Abused and Altered

Article Highlights: Purpose of the Earned Income Tax CreditQualifications Earned IncomeQualified ChildCredit Phaseout Computing the CreditInvestment Income LimitCombat Pay ElectionFraudSafeguards Any discussion of the earned income tax credit (EITC) needs to begin with a discussion of why Congress created it in the first place. It has a twofold purpose: first, as an incentive for people [...]

By |2019-10-03T18:15:04+00:00October 3rd, 2019|Categories: Uncategorized|0 Comments

Tax Issues Related to Hobbies

Article Highlights: Hobby LossesNot-for-Profit RulesDetermining Factors Trade or Business PresumptionHobby Tax ReportingSelf-Employment Tax Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. [...]

By |2019-10-02T17:02:56+00:00October 2nd, 2019|Categories: Uncategorized|0 Comments

Smart Money Moves to Make Once You Turn 50

Congratulations, you made it to half a century! Your fifties can be a tumultuous time: Not having to work anymore sounds like a dream, but you might be concerned you don't have enough saved for retirement. Those concerns definitely aren't unfounded as 40 million households in America have no retirement savings at all. Additionally, the Federal [...]

By |2019-10-01T18:03:13+00:00October 1st, 2019|Categories: Uncategorized|0 Comments