Explaining the Basis of Inherited Real Estate
Jun 22, 2020
At some point in our lives, we may inherit a home or another form of real property. In such instances, we need to understand some of the jargon involving inherited real estate. What does “cost basis” mean? What is a “step-up?” What is the home sale tax exclusion, and what kind of tax break does it offer? (more…)
Tags: Estate Planning, Family Wealth, Tax Advantages, taxes, Wealth Building
The Gift Tax
May 25, 2020
I’d like for you to meet my friend, Hugh. He’s a retired film stuntman who, after a long career, is enjoying his retirement. Some of what he’s enjoying about his retirement is sharing part of his accumulated wealth with his family, specifically his wife and two sons. Like many Americans, Hugh likes to make sure that, when he’s sharing that wealth, he isn’t giving the I.R.S. any overtime because he knows about the gift tax. (more…)
Tags: Financial Planning, Personal Finance, Tax Planning, taxes
Details on the Tax Deadline Extension
May 6, 2020
The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1 (more…)
Tags: Current Events, Tax Advantages, Tax Planning, tax season guide, taxes
Tax Considerations for Retirees
Feb 24, 2020
The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive. (more…)
Tags: Financial Help, retirement, Retirement Planning, Tax Advantages, Tax Planning, taxes
2018-2019 Tax Season Guide
Nov 8, 2018
Tags: 2018 tax season, 2018 tax season guide, 2018 taxes, tax guide, tax season guide, taxes
More Insights
Jul 10, 2020
With the economy and financial markets flashing mixed signals, it’s no wonder that lawmakers are deadlocked on whether to pass a Phase 4 of the CARES Act.
Jul 8, 2020
As states cautiously begin the process of relaxing their COVID-19 restrictions, some are wondering, “Why is the stock market doing so well when the economy is doing so poorly?” Ever heard of economic indicators?
Jul 6, 2020
Your car insurance premium is based on more than your driving history. The amount you pay for auto insurance is determined by a complicated algorithm that takes many factors into consideration. Your driving history is just one variable used to calculate your rate. Read on to learn more about what auto insurance carriers look at … Continue reading “What Determines Car Insurance Rates?”
Jul 3, 2020
As Americans adjust their spending habits in a rapidly changing economy, they are building cash reserves at an unprecedented rate. The Bureau of Economic Analysis reported on May 29th that the personal savings rate hit a historic 33% in April. To put that into perspective, it’s the highest number since the Bureau started tracking personal … Continue reading “An Unprecedented Rush to Cash”
Jul 1, 2020
The Fourth of July holiday will be very different this year. Although it’s a time to enjoy family and friends, and maybe even watch some fireworks, social distancing and a new wave of COVID-19 cases also may take a seat at the picnic table. We all continue to believe our doctors and medical community will … Continue reading “Fourth of July Optimism”
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