Everyone who files a Form 1040, 1040-SR or 1040-NR will have to check one box, answering either yes or no to the digital asset question: “At any time during 2022, did you: receive (as a reward, award or payment for property or services); or sell, exchange, gift or otherwise dispose of a digital asset (or
IRS Audit Red Flags For the Self Employed
The IRS has audited only 1% of all individual returns recently, so most taxpayers can sleep at night. But if you file a Schedule C to report profit or loss from a business, your odds of drawing additional IRS scrutiny increase. Schedule C is a “gold mine” of tax deductions for the self-employed. IRS agents
2023 EV Tax Credit Lowdown and Looming Changes
If your New Year’s resolutions included buying an electric vehicle this year, take heart. A revamped 2023 EV tax credit is a notable part of the Inflation Reduction Act, and the new law’s clean energy focus. Here are some of the changes, some are good, some not so good. Some good news: For EVs placed
Challenges Women Entrepreneurs Face When Starting A Business
Women mean business, and the world needs more women in business. While women have long been under-represented in the business world, this trend is clearly changing. In fact, the number of female entrepreneurs in this country is increasing, and today, 37 percent of all U.S. businesses are female owned, according to the National Women’s Business
Inflation Adjustments a Silver Lining for Tax Breaks, Deductions, & Retirement Accounts
Inflation is running rampant right now. Fortunately, the IRS takes inflation seriously and does its part to ease the sting to your wallet by making cost-of-living (COLA) adjustments every year. Not all sections of the Internal Revenue Code are tied to inflation but, the IRS takes a look at these numbers and, when warranted, adjusts
Inflation Has A Silver Lining For 401(k)s And Social Security
The IRS is boosting how much Americans can plow into their 401(k) plans due to a surge in inflation, and along with that extending a 9% cost-of-living adjustment for Social Security benefits in 2023, the highest percentage increase since 1981. The contribution limits for the popular tax-deferred retirement savings accounts will rise by $2,000 to
Four Questions for Your Financial Advisor About Recession & Rising Prices
It’s time to be realistic about inflation and recession and the fact that it just got harder to achieve your financial goals. The Fed raised the federal funds rate this year, taking the percentage to new highs. To compare, it was near zero at the end of last year. High prices are eating into people’s
Rebalancing Your Portfolio According To Your Age And Priorities
Portfolio rebalancing according to your age and goals is really all about asset allocation. At different stages in your life, your financial concerns shift and so you look for your investment strategy and portfolio to shift too – from growth to income – as you get older. During these uncertain economic times, with market volatility,
Do Bear Markets Present A Potential Opportunity For Portfolios
“Fall Back” – but don’t drop the ball! The S&P is down more than 22% since the beginning of the year, landing it definitively in bear market territory. Historically, bear markets in the U.S. occur, on average, every 4.5 to 5 years, and while they are terrifying, they don’t last forever. In fact, the market
BUCKLE UP FOR BIDEN’S INFLATION REDUCTION ACT AND TAXES
President Biden signed the Inflation Reduction Act—a climate, energy, healthcare, and tax law that increases IRS funding, includes several tax credits, and changes some tax policy to raise tax revenue. Basically, it is a re-brand of the Build Back Better Plan missing some controversial line items. The Inflation Reduction Act of 2022, is a sweeping
