IRS Tips for Natural Disaster
Hurricanes and tropical storms affect many of us, and no one is immune to natural disasters in general. Currently heavy rain and severe flooding caused by Hurricane Harvey have affected the states of Texas and Louisiana. The Internal Revenue Service offers the following advice to help you be prepared: Go Electronic You may have access to bank and other financial [...]
Tax Rules on Gambling Winning and Losses
If you gamble periodically, then you need to read this. We want to share with you three basic tax rules on gambling: Rule 1: Your winnings are taxable. Your gambling income is taxable. And—just as important—it’s reportable. For example, when you win $1,200 or more from a slot machine, the casino must report your winnings on Form W-2G and send [...]
Tax for Legal Marijuana
The legal marijuana industry is booming across the United States. But there are tax problems: since marijuana is still a federally controlled substance, selling it comes with costly federal tax consequences. The good news is that with knowledge of the law in this area and some planning, you can cut the tax bill that Uncle Sam would otherwise send you. [...]
Gift Tax
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies to them. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: Nontaxable Gifts: The general rule is that any gift is potentially taxable. However, there are exceptions to this rule. [...]
SEP or 401K?
Tax-free compounding is like a miracle drug for your retirement. That’s one big reason we recommend a retirement plan. And when you get this retirement plan setup correctly, you take away the stress of the future. It’s a money habit that boosts your wealth. You have many retirement plans to choose from, but let us expose you to two of [...]
Deducting Start Up Costs
Are you planning on starting a new business? This is very exciting, and we want to make sure you maximize your tax benefits with this new venture. Instead of waiting until you officially open for business, you can start the timer now on your deductible expenses. The tax law allows you a deduction for start-up expenses. Think of this as [...]