Tax Strategies for Bequeathing Your Wealth
When people are planning their estates, they often come to the point where they have to decide how to distribute a lump sum of money. The reason it’s an issue is, of course, taxes. While the federal inheritance tax has a fairly generous threshold at $13,610,000 for...
Pre-Tax Preparation
As January 31 approaches, your mailbox should start filling up with forms like we talked about last week and earlier this month. But we’re not done! Form 1098: Use Form 1098 (Info Copy Only) to report mortgage interest of $600 or more received by you during the year...
Know Your Forms
The gig economy — and 2024’s new reporting rules for PayPal, etc. — are going to make 1099s more “popular” than ever. There is a dizzying array of situations that call for 1099s, and it’s on us to know. For example, there’s a long-standing rule at the IRS which...
Know Your Penalties
By now you’re either sitting pretty or you’ve become a…tax fugitive! If you’re living on the dark side now, you should know the exact penalties that are accruing against you: Information Return applies to taxpayers who don’t file or furnish their required information...
Tax Paperwork: Something Is Better than Nothing
As “The Taxening” approaches, you may find yourself at wit’s end trying to locate all of your documents — but odds are that you can get started anyway. One of the things that we’ve learned over the years is that sending something is better than sending nothing. If...
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