Taxes

Getty I can tell from the letters piling up on my desk: it’s officially correspondence season! Correspondence season is the term that tax professionals use to describe the period after tax season officially ends. Many taxpayers think that the Internal Revenue Service (IRS) takes a break just after tax season, but that’s not the case.
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Charities feared that the 2017 tax law would lead to a drop in charitable giving by individuals. The chief reason: the doubling of the standard deduction (to $24,000 for married couples filing jointly) would mean it wouldn’t pay for many to itemize on their 2018 tax returns, and without a charitable contribution deduction, they’d be
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People don’t understand annuities. They often confuse how annuities are used, how they work, and how they are taxed. In fact, research commissioned at The American College of Financial Services found that while consumers often hear about and have had annuities recommended to them, almost none of those surveyed understood the specifics of annuities. And
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Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses whether lower earnings before retirement will decrease benefit amounts, how benefits can be reinstating after suspending them, how to ensure benefits begin at full retirement age, whether to file
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Rawpixel.com On Friday, I asked a client for some additional documents so I could prepare for an upcoming meeting. He said he’d get to it soon, but not before Monday.  He was slammed getting ready for a big party. He closed the email “Happy Pride!” I responded “Happy Pride” and reminded him “pictures or it
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“Don’t go into the horse breeding business”  That is good advice.  You might modify it to something like “ Go into horse breeding to follow your bliss, but don’t expect to make money at it .  The way to make a small fortune in the horse breeding business is to start with a large fortune”
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While former Colorado Gov. John Hickenlooper (D)—currently a 2020 presidential candidate—has described his state’s earnings from legal marijuana sales as a “drop in the bucket,” current Gov. Jared Polis (D) is taking a different approach. On Wednesday, his administration issued a report touting the fact that Colorado has so far brought in more than $1 billion in cannabis
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Credit: Getty Royalty Free Getty The name of the measure before Congress sounds like a good deal: the Setting Every Community Up For Retirement Enhancement Act of 2019, a.k.a., SECURE. But the ever-astute Rick Kahler, president of Kahler Financial Group in Rapid City, S. D., smells something rotten: Larry Light: What’s wrong with the retirement reform legislation?
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Estate Planning for Gay Couples may include disinheriting a homophobic relative. Getty As we celebrate Pride Month 2019, we are reminded that progress has been made over the years, but many in the LGBT+ community are still estranged from members of their family or even their entire families.  We wanted to share some advice for
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One of the most common questions I get from investors is how crypto investments like bitcoin are taxed. There seems to be a great deal of confusion, perhaps because of the different names people use for this new asset class. If bitcoin is a cryptocurrency … is it taxed like currency? If bitcoin is “digital
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Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column discusses whether early spousal benefits affect retirement benefits, whether spousal benefits are available if a spouse receives disability benefits, how survivor benefit amounts are determined, effects of remarriage on benefits
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Gocycle GX folding e-bike being ridden in London. Gocycle Bicycles costing over £1,000–including e-bikes–will now be eligible for the U.K. Government’s Cycle to Work program. This 20-year-old money-saving salary sacrifice scheme was previously capped at £1,000 unless companies offering the benefit to their employees used their own Financial Conduct Authority (FCA) Authorisation. The new rules–announced
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As higher tariffs and the threat of more tariffs slow the economy and rattle financial markets, President Trump is doubling down on what he says are tariffs’ benefits. As Trump recently tweeted, “When you are the “Piggy Bank” Nation that foreign countries have been robbing and deceiving for years, the word TARIFF is a beautiful word indeed!”
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I have for decades believed that erudite tax strategy is the “master wealth skill”, and that those who develop or find true expertise can compound their development and preservation of net worth by a significant factor. Getting this message out is a primary reason I write so much on tax, even though my primary professional
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