Author: taxsecretsblog

If you’re running an e-commerce business, you are part of one of the most exciting and expansive aspects of the global economy. No matter what you’re selling – whether product or service — the challenges are constant and the competition is fierce. That’s why it’s

Article Highlights: Tapping Your Retirement Savings Traditional IRAs and Qualified Retirement Plans Simple IRAs Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty Roth IRAs Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself

Article Highlights: Reverse Mortgages Reverse Mortgage Terms When Is the Interest Deductible? Who Deducts the Interest? Other Options The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022, the highest since February of 1982, hitting those on fixed retirement income, namely

Article Highlights: Charity Auctions Use of an Asset Charity Volunteer Away-From-Home Travel Expenses Entertainment Vehicle Use Uniforms Vehicle Donations Valuing Non-cash Contributions Documentation Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021

Article Highlights: Stepped-Up Basis Inherited Basis Inheritance Basis Example Step Down Basis Long-Term Capital Gains Tax Rates Jointly Owned Property Gifting Prior to Death You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an

Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund. The answer: not much yet! The prompt means that the IRS has received your return, but due to Covid-19 delays, the IRS is experiencing a

March 2022 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later

When we are talking about building a sustainable business, we are talking about one that is built to last. Often, entrepreneurs get caught up in the headlines about businesses with hyper-growth rates. We start thinking of how we can replicate these results. But what is

Article Highlights: Benefits of College Savings Plans Contributions Plan Modifications by Recent Tax Acts Prudence in Using the Funds Gift Tax Twist The Qualified State Tuition Plan, often referred to as the Sec 529 Plan, is a tax-beneficial incentive for parents, grandparents, and others to

Therapy and counseling are invaluable services, and counselors make such a difference in clients’ lives that it’s hard to remember that they’re also operating a business. But if you’re a therapist it’s no surprise to you. With tax time right around the corner, now’s the