Author: taxsecretsblog

Winning a $1.26 billion Mega Millions jackpot is a dream come true—but it’s also the beginning of a whirlwind of decisions that can make or break a winner’s financial future. For the California resident holding last year’s golden ticket, tax season will be anything but

February 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10.  Your employer

January 24, 2025   This article is part of a series for tax clients, designed to help you stay informed about proposed changes being discussed on Capitol Hill, so you can plan accordingly. Please contact this office with any questions.   BREAKING NEWS On Thursday

The debate over federal tax credits for electric vehicles (EVs) is as electrified as the cars themselves. These credits, designed to incentivize the adoption of EVs, have sparked contrasting opinions about their effectiveness, fairness, and future. Advocates argue they are essential for achieving sustainability goals,

As the new year dawns, small business owners often find themselves juggling a myriad of tasks. Among these, the issuance of 1099 forms can easily slip through the cracks, especially when payments for services rendered in December are made in January. This oversight can lead

Tax avoidance has long been a contentious topic in the business world, but few industries blend its complexities with glamour quite like Hollywood. During the Golden Age of Hollywood, a period marked by glittering stars and box office dominance, major players in the film industry

December 2 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2024. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during

What do you get the wealthy client who has everything? The answer, according to savvy money managers, might surprise you: a loss-making investment. This seemingly counterintuitive strategy is the basis for Wall Street’s latest tax-saving innovation—tax-aware long-short strategies. These approaches are gaining traction among the ultra-wealthy,

Retirement is your reward for a lifetime of hard work, but keeping more of your savings in retirement requires strategy. Many Baby Boomers unknowingly leave tax dollars on the table by missing out on tax-savvy moves. You’ve built up a lifetime of savings—now it’s time

Kristo Käärmann, CEO of Wise Plc, recently found himself in hot water after being fined £365,651 by HM Revenue & Customs (HMRC) for significant tax issues. However, his problems didn’t end there. Per Bloomberg, the UK’s Financial Conduct Authority (FCA) imposed an additional penalty, criticizing