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Every investor will incur losses now and then. Tax loss harvesting is a strategy for maximizing the tax benefits associated with capital losses. Capital losses must be recognized before December 31st in order to lower this year’s tax bill.
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The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
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It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes.
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Readers of this blog already know I am a long-time car enthusiast. My passion for all things auto began when I was in high school (a little over 40 years ago -- ouch!). Like most of my high school gear-head cohorts, my first car crush was on muscle cars from the late 60’s and early 70’s...
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Gifts to minors can do a world of good or unintended harm. If structured properly, gifts can be used to pay for educational expenses, provide a financial foundation for the future, or help cover special need expenses. By contrast, poorly structured gifts can...
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The Tax Cuts and Jobs Act has resulted in less state income tax refunds being subject to federal income tax. This is because...
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