Major life changes—like becoming single—can significantly affect your taxes. If you experienced a divorce, legal separation, or the death of your spouse in 2024, expect your tax return and refund to be impacted. If you’re newly single, you probably filed taxes as either “married filing jointly” or “married filing separately” before. But now, things will […]
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After some electric vehicle buyers were unable to claim their expected tax credits this spring, the IRS has introduced a solution, according to the National Automobile Dealers Association (NADA). Earlier this year, some buyers discovered they couldn’t receive the EV tax credit because their dealership had failed to report their 2024 purchase through a newly […]
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Each year, millions of Americans receive 1099-K forms from third-party payment platforms like PayPal, Venmo, and Stripe. In 2025, this number is expected to rise significantly as the IRS lowers the reporting threshold for 1099-K forms from $20,000 to $5,000 for this tax filing season, with plans to decrease it further to $600 annually. Taxpayers […]
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Tax loss harvesting is a valuable tool in investment management, often overlooked by many investors. By strategically selling investments at a loss, investors can reduce their tax liabilities, offset gains, and, ultimately, improve their overall portfolio performance. This guide will explain what tax loss harvesting is, how it works, and strategies to make it an […]
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So far this year, 33 states have been declared federal disaster areas, with some regions qualifying multiple times. Losses, particularly due to Hurricanes Milton and Helene, are expected to reach tens of billions of dollars. The situation is worsened by many victims lacking adequate or proper insurance to cover these damages. Some of these losses […]
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Not all income is taxable, according to the IRS. The taxability of income depends on specific rules, requirements, and regulations. Here are several categories of income that are generally not subject to tax: Life Insurance Proceeds When a beneficiary receives life insurance proceeds after the policyholder’s death, these funds are typically tax-free. However, any […]
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On July 18, 2024, the Internal Revenue Service (IRS) finalized rules regarding the withdrawal of funds from inherited retirement accounts. These new regulations state that most beneficiaries must withdraw a minimum amount each year over a 10-year period. This is a significant change from the previous policy, which allowed heirs to stretch withdrawals over their […]
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The IRS has issued new guidance on June 20, 2024, regarding exceptions to the 10% additional tax for certain emergency distributions and distributions to domestic abuse victims, as outlined in Notice 2024-55. Background Under IRC Section 72(t)(1), distributions from qualified retirement plans are typically subject to a 10% additional tax unless they meet certain exceptions. […]
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Filing your taxes online offers convenience, allowing you to manage your taxes on your own schedule. However, encountering a rejection of your e-filed return can be frustrating, especially if it happens close to the filing deadline, typically April 15. Fortunately, the IRS provides a five-day grace period for taxpayers to refile a rejected return if […]
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Navigating the complexities of investment portfolio management involves strategic allocation of resources, especially when it comes to deciding where to direct new funds within your Individual Retirement Account (IRA). An effective approach is to conduct a thorough analysis of your portfolio’s current composition, evaluating the distribution across diverse asset classes, sectors, and geographical regions. For […]
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