Tax

taxes

Timeline of Tax Forms

It’s everyone’s favorite time of year again – tax season! There are several dates to be aware of regarding your tax forms from LPL Financial and other asset custodians. Most of the tax forms will be mailed out between January and March to meet all IRS deadlines. You may also find copies of the tax…

MAKING CENTS: Clever Terms to Investigate

Financial services marketers are quite clever at getting you to see their point of view. In their creative genius, they use words that sound quite appealing to most people and utilize those words to fit your situation making what they’ve got to sell sound like your only solution. The first such word is guaranteed. You…

MAKING CENTS: Gifts that keep on Giving for those you Love Most

Many folks have begun making progress with their year-end and holiday gifting. Just in case you’re typically one of those last-minute shoppers with no idea what to get for your closest family members, consider helping them get some financial things done that are frequently unattended. For young children, consider a 529 college savings plan. Most…

Apple Tax

Making Cents: Household Employees May Cause Tax and Liability Problems

A household employee is someone that you pay to perform duties in or around your home.  A household employee is considered an employee for tax and liability purposes if you control when, where, how or by whom the work should be performed. This list of people commonly includes nannies, medical caregivers, housekeepers, chefs, personal assistants,…

taxes

Year End Tax Moves To Consider

In a famous tax court case from 1934, Judge Learned Hand spouted what is now a famous quote amongst us tax nerds. Justice Hand said that “anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury;…

Making Cents: Year End Gifting Unwrapped

We always get a lot of questions surrounding gifts. Most of the questions are about either charitable giving or family gifts. Starting with gifts to family, the tax code permits annual gifts to be excluded from gift taxes if it’s less than $17,000 per donor and donee. That means you can give up to $17K…

Making Cents: Is It Best To Make Gifts Now Or Transfer Property At Death

Naturally, this answer is going to be different for everyone, so let me talk about the common mistakes and pitfalls of either bequeathing property at death or gifting while you are alive. Starting with transfers during your lifetime, one of the biggest issues that we see often surrounds the ultimate income tax consequences with lifetime…

Making Cents: Five Strategies For Tax-Efficient Investing

Once upon a time, retirement was defined as sipping lemonade on the front porch waiting for the grandchildren to visit. Today, however, things are different. The grandchildren may be visiting the house to feed the cat or walk the dog because the grandparents are busy. They are traveling, going out to dinner, and working. Some…

Gifts

Making Cents: Thinking Of Large Holiday Gifts

One of the common questions this time of year is “How much can I gift to family members without tax consequences”? It’s certainly a loaded question, and the answer is, it depends. Let me explain. The Federal annual gift limit is $16,000 per donor to anyone and is increasing to $17,000 in 2023. For a…

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