If you have had the unfortunate experience of watching one of your securities investments plummet to worthlessness, you may be eligible for a tax deduction. However, the IRS has a strict definition of "worthless." For more information on what qualifies a stock to be worthless and how a taxpayer can take advantage of a loss of a stock that has a miniscule amount of value, read this C.P.A. Insight.
If you are like many, you already know how you plan to spend your tax refund, but the question many still have is, "How long do I have to wait?" The IRS offers two ways, by Internet and phone, that allows taxpayers to check the status of their refund. For more information on the IRS’ turnaround time, read this C.P.A. Insight.
After all your business trips to New Jersey you finally have enough frequent flyer miles for a roundtrip ticket to Hawaii. Now the question is, "Are those frequent flyer points considered taxable income?" For more information on the IRS’ treatment of frequent flyer miles, read this C.P.A. Insight.
A successful estate plan takes more than good intentions. If you do not have a Will in place, a nameless, faceless court will decide how your assets will be distributed. This is one of many pitfalls you could face if you do not revisit your estate plan, as your family situation or federal and state laws change. For more information on areas you should consult your estate planning attorney or tax adviser on, read this Financial Strategy.
Of the two sure things in life, death and taxes, you might be surprised to know taxes have nearly an equally lengthy history. The United States was founded in large part to avoid taxes; however, once the Constitution gave Congress the authority to tax in 1789, citizens have weathered scores of changes. For more on the history of U.S. taxation, read this C.P.A.Insight.
For a minor to own investments in his or her own name, a custodial account must be used. A custodial account is established through the Uniform Gift/Transfer to Minors Act and allows a custodian to control a savings account until the child reaches the age of majority, when the account becomes the sole possession of the child. For more information about custodial accounts and to learn about some the advantages and disadvantages, read this Financial Strategy.
In the event that you move, you are required to inform the IRS of your new address and contact information so that they can update it in their files. If you fail to do so, any vital information regarding your taxes that is sent to your "last known address" is legally effective, even if you never received it. For more information about the steps to take to keep your information up-to-date with the IRS, read this C.P.A Insight.
In the event that you move, you are required to inform the IRS of your new address and contact information so that they can update it in their files. If you fail to do so, any vital information regarding your taxes that is sent to your "last known address" is legally effective, even if you never received it. For more information about the steps to take to keep your information up-to-date with the IRS, read this C.P.A Insight.
New Year’s Resolutions not only give you goals to aim for throughout the year, but they can also save you money in the process. By spending more time with family and friends, living a healthier life and helping others, your chances of living a more enjoyable life are increased. For more information about some of the most common New Year’s Resolutions and a little financial insight regarding them, read this C.P.A Insight.
There are several benefits involved when dealing with tax-loss selling, which is selling a stock that has lost value in order to realize a taxable loss. Losses can be used to eliminate both long-term and short-term gains. For more on tax-loss selling and an example of its benefits, read this C.P.A. Insight
