Vacation Homes and Taxes: 4 Things You Need to Know Before You Buy
Your vacation home may be taxed differently than your primary residence, depending on how you use it. Will you be using it as a second residence, a rental property or an investment property? There are advantages and disadvantages to each with different rules from...
Networking for Success on LinkedIn
Working remotely and under stay-at-home orders means everyone is online. Being on the internet won’t go away once we’re able to gather in person, which will hopefully be soon! Networking online is critical during this time. The one social media platform dedicated to...
How the Latest Relief Package Affects AGI’s, RMD’s, Deductions
The U.S. Congress recently passed, and the President signed, the 5,593-page Consolidated Appropriations Act of 2021 relief package—and experts are still mulling over what the impact will be on ordinary citizens. There are stimulus checks, tax planning relief...
GameStop Gambling
GameStop: A David and Goliath story or a cautionary tale of feverish gambling? The GameStop David and Goliath story has given us a short break from 2020 doom and gloom. It’s a surprising story of how masses of small amateur investors managed to bid the share prices of...
Estate Exemption Expiration
Today, it’s hard to believe that in 1997 you could only exempt $600,000 from estate taxes. When a person died, heirs would pay tax on anything above $600,000 at the (then) maximum 55% tax rate. The estate situation is very different today. The Internal Revenue Service...
Creative SALT Workarounds
One of the most hated tax provisions for people in higher-tax states is the so-called SALT limitation on state and local taxes. What is the SALT Limitation? The provision was part of the Tax Cuts and Jobs Act, which only allows taxpayers who itemize their deductions...
Long-Term Care: What You Need to Know
There are many misconceptions and misunderstandings about long-term care (LTC), including who needs it and how to pay for it. It’s essential to break down the main components of long-term care insurance to find what is right for you. What does long-term care...
Key Financial Tips for Aspiring Entrepreneurs
Many Americans retire from the office job that they held for several years and decide to go into business for themselves, becoming mid life entrepreneurs. Others don’t wait to retire but leave the corporate world to launch. Of course, some people never work for others...
Maximize Your Charitable Giving Strategy
You might recall that the Tax Cuts and Jobs Act made it much harder for Americans to get tax breaks on their charitable giving by raising the standard deduction so that fewer people have the opportunity to itemize. Of course, you want to do some good for the community...
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