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Tax Preparation vs. Tax Planning

Posted by Scott Farnes on Nov 4, 2020 8:31:00 AM

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look:

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation

Choosing a Retirement Destination: Tax Considerations

Posted by Scott Farnes on Oct 27, 2020 8:07:00 AM

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.

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Topics: Taxable Income, Personal Finance, Taxes, Retirement, Tax Planning, Financial Success

Tax Treatment of Virtual Currency Transactions

Posted by Missy Dennis on Oct 21, 2020 8:03:00 AM

Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know:

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Topics: Taxable Income, Personal Finance, Taxes

Taking Early Withdrawals From Retirement Accounts

Posted by Scott Farnes on Oct 14, 2020 8:31:00 AM

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here's what you need to know.

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Topics: Personal Finance, Taxes, Retirement, Social Security

Planning and Preparing for a Successful Retirement

Posted by Scott Farnes on Sep 30, 2020 8:11:00 AM

As you approach retirement, it's vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them:

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Topics: Personal Finance, Retirement, Social Security, Financial Success

Tax Tips for Workers in the Gig Economy

Posted by Missy Dennis on Sep 29, 2020 8:01:00 AM

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including two of the most popular ones: ride-sharing, Uber and Lyft, for example, home rentals such as Airbnb, and TaskRabbit.

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Topics: Taxable Income, Personal Finance, Taxes, Managing Your Tax Liability, Tax Return, Tax Planning

Paying off Debt the Smart Way

Posted by Taylor Bennett on Jul 29, 2020 8:10:00 AM

With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people - especially those of pre-retirement age. Instead, it's better to start by focusing on managing debt. When you handle debt wisely, you won't have to shell out every cent of your hard-earned money to your lender or feel like you're always on the verge of bankruptcy.

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Topics: Personal Finance, Financial Success, Debt

Q & A: Returning an Economic Impact Payment

Posted by Scott Farnes on Jul 23, 2020 8:16:00 AM

According to the Treasury Department, more than 159 million individuals have already received their Economic Impact Payments; however, a recent audit found that the IRS sent $1.4 billion in stimulus checks to deceased individuals. As such, many people may have received a payment for a deceased family member or another taxpayer who is not eligible to receive a payment and may have questions about what to do. Here are some answers:

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Topics: Personal Finance

July 15 Deadline for Reporting Foreign Income

Posted by Missy Dennis on Jul 8, 2020 8:14:00 AM

If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The deadline is normally June 15.

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Topics: Personal Finance, Taxes, Tax Return, Tax Preparation

Pass on Wealth to Heirs Using These Strategies

Posted by Scott Farnes on Jun 9, 2020 8:17:00 AM

Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let's take a look at some of the strategies available:

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Topics: Personal Finance, Retirement, Managing Your Tax Liability, Financial Success