"You didn't get a deduction for that bedroom set when you bought it. But if you sell it at a garage sale, you might wind up with a tax bill unless you're careful"- Gary Stewart Starting January 1, 2022, anyone receiving $600 or more in payments for goods and services through third-party payment companies (Paypal, [...]

What is tax-loss harvesting and will it work for you? “For many investors, tax-loss harvesting is one of the most useful tools for reducing capital gains taxes.” When securities and certain other assets such as real estate, are sold at a loss to offset a capital gains tax liability, the process is known as “tax-loss [...]

Tax planning involves far more than scrambling in April to defer income and boost deductions. If you want to minimize what you pay in capital gains tax, reduce your year-end tax bill, and give less of your estate to Uncle Sam, you should be aware of the short- and long-term tax consequences of all your financial moves.

Year end is a good time to consider changes that can help you maximize your next tax year. This article lists areas of focus including record keeping and tax liability planning.

Because of the accumulation benefits of tax deferral, many individuals have successfully created substantial IRA or 401K accounts or other qualified plans.   It is not uncommon for these accounts to have amassed seven figures of total dollars. It is also usually the case that little attention has been focused on what will happen to [...]