MANHATTAN, NEW YORK, UNITED STATES – 2019/11/14: Immigration Court building entrance at 26 Federal … [+] Plaza in New York. (Photo by Erik McGregor/LightRocket via Getty Images)LightRocket via Getty Images An appeal of a Tax Court decision by a taxpayer who was found by the Tax Court to owe $90.86 should have an interesting story… More
A stock photo of a Red Audit stamp on a 1040 US individual income tax return. Photographed at 50mp … [+] with the Canon EOS 5DSR and the 100mm 2.8 L lens. getty The rules for substantiation of charitable deductions are very strict with extra layers when a donor advised fund or property donations are… More
Topline Home prices, which have been shooting up since last year, grew at a slower pace in April, showing signs of a potential cool down in the red-hot housing market, according to new data from S&P Case-Shiller on Tuesday. Home prices are up significantly from last year but could cool by later in 2022 thanks… More
Closeup of Form 1099-NEC, Nonemployee Compensation. The IRS has reintroduced Form 1099-NEC as the … [+] new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. getty Stop the presses. Reports are in that tax compliance is more challenging for “independent workers” than for W-2 employees. The Independent Economy Council… More
If you own any Treasuries, take a grim look at what’s left after inflation and taxes. Inflation has already crossed the 6% mark. Are we going to see 7%? What does that do to savers? My answers are “Yes, soon” and “They get slaughtered.” The inflation rate, as measured by the one-year gain in the… More
Is it better to make pre-tax or Roth contributions to a 401(k)? getty Should you make after-tax Roth or pre-tax contributions to your 401(k)? Roth accounts can be powerful wealth-building tools. But paying tax early doesn’t always make sense, especially for taxpayers with significant income. Here’s when to consider pre-tax vs Roth 401(k) contributions. Quick… More
Year-end financial and tax planning is especially important for the millions of employees in the … [+] United States who have stock compensation getty When the Santa hats, holiday lights, and Christmas movies come on, it’s time for year-end financial and tax planning. This is especially crucial for the millions of employees in the United… More
Ecuador’s newly sworn-in President Guillermo Lasso. He allegedly transferred assets to trusts in … [+] South Dakota in 2017 amid reports that questioned his interests in a bank in Panama. (Photo by Cristina Vega RHOR / AFP) (Photo by CRISTINA VEGA RHOR/AFP via Getty Images) AFP via Getty Images In recent decades, South Dakota has… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how even with the deeming rules, it can still be possible to receive only retirement benefits before later spousal benefits, survivor’s benefit rates is the record holder dies before claiming and how the WEP and the GPO work. Larry Kotlikoff is a Professor of… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about the rate of reduction for filing less than 12 months before full retirement age (FRA), eligibility for benefits based on an ex’s record and how and when delayed retirement credits (DRCs) are applied when filing after FRA. Larry Kotlikoff is a Professor of Economics… More
Most families with children are eligible for advance payments of the 2021 Child Tax Credit. getty Some 36 million families are eligible for advance payments of enhanced child tax credits for 2021, and the Internal Revenue Service has launched two new online tools to help taxpayers navigate this tax law change. There’s a Child Tax… More
If your uncle, best friend or bank loans you money, is it taxable? Nope, not if it’s a real loan. But the loan or income distinction lands many people in trouble with the IRS. Besides, interest rates on risky loans like litigation funding and pre-IPO stock are high, and you might not be able to… More
Couple enjoying a sailing cruise. getty The House Ways & Means Committee is once again tinkering with the law that requires retirees to take minimum distributions from their individual retirement accounts (IRAs) and 401(k)s. Each time, Congress eases the required minimum distribution (RMD) rules at great cost to the federal government. Yet the beneficiaries would… More
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
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