Which is better, using appreciated securities or an IRA? Here’s a calculator to answer the question. Volunteers at Habitat for Humanity in Culver City, California. (Photo by John Wolfsohn) Getty Images The 2017 tax law, with its huge standard deduction, did serious damage to the tax benefits of philanthropy: Now, for a lot of taxpayers,… More
Season to pay Tax, Budget, and Tax planning concept. Business woman wear glasses calculating annual … [+] tax and using mobile phone. Calendar 2021 and personal income tax form placed on home office desk. getty For the second year in a row, you have additional time to file your federal taxes. On March 17th, the… More
BRAZIL – 2020/10/09: In this photo illustration the Internal Revenue Service (IRS) logo seen … [+] displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Every once in the while the IRS comes out with something that may cause beleaguered tax preparers to breathe a sigh… More
The Internal Revenue Service (IRS) has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes in 2021. The IRS has issued new lower mileage rates for 2021. getty New IRS Mileage Rates The new IRS mileage rates apply to travel starting on January 1, 2021. 56 cents per… More
Introduction Tax resolution is an incredibly lucrative service to bolt on to your existing tax practice. However, because it’s such a narrow, niched service, the traditional education provided to CPAs, attorneys, and Enrolled Agents really doesn’t prepare them to do this type of work. Unfortunately, neither do most continuing education programs that focus on this […] More
What will your state’s tax hike pay for? Education, bridges, public transportation? getty Arizona has likely flipped from a red state to a blue state, and along with that momentous change, its voters on election day have approved a massive state income tax hike on high earners. Put one way, it’s a 3.5% state income… More
Pennsylvania State Capitol Building getty In the administration of state government, there are times when the separate executive and legislative branches become entwined. This is often the case with tax measures. A state’s executive might outline a legislative platform during a public address or draft legislation for the legislature to consider. The executive’s role in… More
Victims of California wildfires that began Sept. 4 have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced. The IRS has offered this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently this includes Fresno, Los… More
Under Sheth’s watch, Vista Equity Partners has conducted more software acquisitions than any other … [+] company or investor in recent years. Patrick T. Fallon/Bloomberg Following billionaire Robert Smith’s admission to tax fraud last week, one of his private equity firm’s top dealmakers—cofounder and president Brian Sheth—looks set to depart. While Sheth—who launched Vista Equity… More
WASHINGTON DC, OCTOBER 15: Albert Lauber, left, and Craig Hoffman pose in the front yard of thier … [+] Victorian Home off just off Logan Circle in Washington DC, October 15, 2014 (Photo by John McDonnell/The Washington Post via Getty Images) The Washington Post via Getty Images In a recent interview Judge Albert Lauber of… More
Economic Security Planning, Inc. Today’s column addresses questions about how the earnings test is applied when a spouse has filed early, whether payments based on an ex’s non-covered pension will invoke the WEP, child benefits for children not in the record holder’s custody and exchange rates and foreign pensions. Larry Kotlikoff is a Professor of… More
Topline President Trump made over $11 million endorsing two multi-level marketing companies in the 2000s for which he and his children would later be sued for fraud, according to the New York Times, which revealed for the first time how much money the future president received for hawking the MLMs, and that those two endorsements… More
It’s nice to read a feel-good story like the one about an Arkansas man who found a massive 9-carat diamond in a public state park in Arkansas. Thirty-three year old Kevin Kinard found the 9.07 carat whopper in the Crater of Diamonds State Park on Labor Day. It is the second-largest ever found at the park,… More
Economic Security Planning, Inc. Today’s column addresses questions about how spousal benefits are calculated when filing after FRA, how the Parisi case can affect benefit amounts when the family maximum that can be claimed on a single record is involved and filing with two exes. Larry Kotlikoff is a Professor of Economics at Boston University… More
Economic Security Planning, Inc. Today’s column addresses questions about potential effects of Social Security’s earnings test on spousal benefits, whether benefits lost to the earnings test are repaid and getting retirement benefits after survivor benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,… More
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