Personal Exemptions and Dependents
Personal exemptions reduce your taxable income. You can also claim an exemption for a dependent if all five of the exemption tests are met.
Personal exemptions reduce your taxable income. You can also claim an exemption for a dependent if all five of the exemption tests are met.
Real estate is, in our opinion, a very illiquid investment, and not ideal for those close to retirement. Additionally, to hold it in your IRA you have to be able to purchase it outright. You cannot mortgage the property.
If you sell an asset—be it a stock or your car—it comes with tax implications. Regardless of whether you expect to incur a gain or loss, there might be a way to strategically maximize the amount you get to put in the bank.
The dream is to be your own boss and work for yourself. However, with that dream comes with self employment taxes, Schedule Cs and many accounting decisions.
Capital gains or losses come from the sale of a capital asset. However, the IRS considers more than just your stocks and mutual funds capital assets.
Sure you pay Social Security taxes, but how much do you know about the actual program? Learn more in this Financial Tip.
The markets closed the week on a strong note with the Dow above 14,000 for the first time in nearly six years.
In today’s Marietta Daily Journal, Bil Lako, CFP®, highlights more tax law provisions including estate tax and mortgage debt relief. Read the Article This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented…
As the subject of taxes is often political, history shows top earners generally pay more taxes.
Capital gains are generally taxed, but if you’re selling a sole proprietorship, you may have some flexibility. Read more in this Business Tip.