Life is full of unexpected turns. You fall in love, get married, start a family, or unfortunately, experience loss. While these are significant milestones, they also signal a crucial time to revisit your estate plan.…
What Is an LLC Distribution?
A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC’s owners, also known as members. Although state law sets forth certain default rules,…
Helpful Tax Tips for Independent Contractors
Being an independent contractor can offer tremendous flexibility and independence, but it also comes with a unique set of tax responsibilities. Unlike traditional employees, who have taxes automatically withheld from their paychecks, independent contractors must…
How To Handle Taxes on Wins Paid in Cryptocurrency from Sports Bets
Winning big on sports bets can be exhilarating, especially when your winnings come in the form of cryptocurrency. However, understanding how to handle taxes on these crypto winnings is crucial to staying compliant with IRS…
IRS Changes: $1,000 Penalty-Free IRA Withdrawals
The recent changes in IRS regulations, allowing penalty-free withdrawals of up to $1,000 from Individual Retirement Accounts (IRAs), mark a significant development in retirement planning policy. This update, implemented under the SECURE 2.0 Act, aims…
Understanding Innocent Spouse Relief: Protect Yourself from Unpaid Taxes
Did you know that innocent spouse relief can relieve you from paying additional taxes if your spouse understated taxes due on your joint tax return and you didn't know about the errors? This relief can…
States with the Lowest Income Tax Rates
Understanding the income tax landscape across the United States can help you make informed financial decisions. This guide highlights the states with the lowest income tax rates, offering insights into how these states manage taxation…
Tax Tips for 1099 Contractors: Side Hustle Success
As a 1099 contractor, organizing your data for tax time and managing quarterly estimated taxes can be a daunting task. Navigating the complexities of being an independent contractor requires meticulous planning and a clear understanding…
How to File for an Extension on Your Tax Return
Filing taxes can be a daunting task, especially if you're not ready by the deadline. Fortunately, you can request an extension to give yourself more time to prepare. This article will guide you through the…
How Unpaid Taxes Can Revoke or Deny Your Passport
Ever thought unpaid taxes could mess with your passport? It's a harsh reality many aren't aware of. When the IRS certifies taxpayers with significant unpaid tax debts, it leads to serious actions regarding their passports.…