Today’s Social Security column addresses questions about how soon benefits may be available based on a new spouse’s record, when divorced spousal benefits may be available and taking widow’s benefits while delaying retirement benefits until 70. – Forbes – Taxes Read More
Big life events often trigger tax changes, and getting married is one of them. Though often overlooked, one of the most important steps you should take after getting married is updating your Form W-4 with your employer. Should I fill out a new W-4 when married? Yes! Your W-4 tells…
Did you receive a 1099-K tax form this year? If you’ve never seen this form before and are unsure what to do with it, don’t freak out — we can help you understand your Form 1099-K and guide you through reporting any necessary income. How do I use my 1099-K…
The IRS recently announced that it will delay the $600 threshold for Form 1099-K by one year. While this means you may get a reprieve for tax year 2022, many more eBay sellers will begin receiving Form 1099-K next year during the 2023 tax season. Because of this, eBay has…
The value of Bitcoin and other cryptocurrencies has undoubtedly seen better days. But there’s a small silver lining — if you sold crypto at a loss in 2022, you might be able to save on your tax bill this year. What is the definition of cryptocurrency? Cryptocurrency differs from traditional…
The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s…
Did you know that collectible sales come with their own tax rules? Here are the tax implications of selling collectibles and how to report the sale of a collectible asset on your income tax return. Does selling collectibles count as income? Yes, selling collectibles on eBay or a similar site…
Effective January 1, 2023, the annuity payout recommended by the American Council on Gift Annuities for an annuitant aged 79 years is 7.4 percent, up sixty basis points from the 6.8 percent recommended rate implemented only six months previously, and up forty basis points from the 6.2 percent rec… -…
When current yields are low, a fixed annuity will tend to deplete trust principal, and this fact is reflected in the present value of the deductible remainder to charity. – Forbes – Taxes Read More
If the claimed noncash charitable deduction is more than $5k, you need to attach a completed Form 8283 to your return, and that form needs to be signed not only by the recipient charity, but also by a qualified appraiser. – Forbes – Taxes Read More
This article focuses on the noncash charitable reporting requirements themselves, specifically Form 8283, and on how IRS has cited technical noncompliance with these requirements — footfaults, if you will — in disallowing claimed deductions even where there is no actual dispute as to valuation. – Forbes – Taxes Read More…
Tax Notes Capitol Hill reporter Doug Sword discusses the latest national sales tax proposal in Congress, and contributing editor Robert Goulder shares his thoughts on the challenges of implementing the tax. – Forbes – Taxes Read More