Despite its name, the “kiddie tax” is anything but child’s play. If you’re not careful, this provision of the tax code can result in children having to pay significant extra tax dollars on their investment income. But your family may be able to downsize the kiddie tax for 2023 by making the right tax moves before […]
Crypto Investors: Loss Deductions, Regulation and Oversight There have been three recent developments in the cryptocurrency arena: 1. Loss tax deductions for FTX investors. Investors with inaccessible assets tied up in cryptocurrency exchange FTX Trading Ltd. will need to wait until court proceedings conclude before learning if loss tax deductions will be available. FTX filed for […]
Medicare Coverage: 2023 Premiums and Key Tax Considerations
Medicare health insurance premiums can add up — especially if you’re upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on your tax return. Important: If you have a health savings account (HSA), […]
How to Swap Your Highly Appreciated Vacation Home Tax-Free
If you own a highly appreciated vacation home that you’re ready to unload, the sale will generate a large gain — and a sizable tax bill. However, if you’re still bullish on real estate and don’t need cash right away, there’s a way to minimize the tax hit. Instead of selling the property outright, you could […]
Do You Know the Tax Implications of Equity-Based Compensation?
Equity-based compensation often is associated with startup companies. But businesses in a cash crunch also might consider such awards in lieu of year-end cash bonuses. In addition to recognizing high performance, stock options and other types of equity-based compensation can boost retention. Before you jump in headfirst, it’s important to understand the different types of awards […]
Is Self-Employment Right for You?
For some time now, the media has highlighted the so-called “Great Resignation,” where legions of people have left their former jobs. If you’re among those who’ve resigned or you’re thinking about quitting, you may be considering a shift to self-employment. Before making the leap, though, you need to consider several factors that could be pros or […]