Frequently Asked Questions About NIL and Taxes
Does every student-athlete need an LLC? No. Forming an LLC depends on the athlete’s goals, level of activity, liability considerations, and overall business strategy. It is not automatically the right choice for every athlete. Can parents manage NIL income for their child? Parents often play an active role, especially for minors, but the legal and […]
How Much Income Would You Give Up to Work Remotely?
The seismic shift toward remote work has become a game-changer, with profound implications for personal finances. According to Stanford University economist Nicholas Bloom, remote work is not only altering the way we work but also reshaping our financial dynamics. Let’s delve into the compelling incentives for remote work, backed by insightful statistics and practical strategies […]
Embracing Your Next Chapter: A Guide for Retirees Returning to Work
As you approach retirement age, the thought of returning to work might be on your mind. Whether you’re considering part-time roles or fully immersing yourself back into the workforce, this article is designed to provide insights into the financial aspects of such a decision. We understand that your return to work is a unique journey, […]
Supreme Court Showdown: The Fate of American Wealth Taxes
Some politicians’ dreams of imposing a wealth tax on the richest Americans face a critical juncture as the United States Supreme Court prepares to weigh in on a seemingly minor tax dispute involving a $14,729 tax liability. The case, known as Moore v. United States, challenges a provision of President Donald Trump’s 2017 tax package […]
Year-End Tax Planning Opportunities Are Here
Article Highlights: Not Needing to File a 2023 Return? Are Your Children Attending College? Did You Sell Your Home This Year? Do You Have an Employer Health Flexible Spending Account? Did You Become Eligible to Make Health Savings Account (HSA) Contributions This Year? Is Your Income Unusually Low This Year? Must You Take a Required […]
Taxes and Holiday Gift Giving
Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Gift of College Student’s Supplies Payoff of Student Loan Debt Clean Car Credit Qualified Tuition Programs Qualified Charitable Distribution Donor-Advised Funds Work Equipment Employee Gifts Monetary Gifts to Individuals Documentation Timing The holiday season is customarily a time of […]
What You Need to Know about Gift & Estate Taxation
Article Highlights: Annual Gift Tax Exemption Gift Splitting Lifetime Estate Tax Exemption Education Exception Medical Exception Qualified Tuition Plan Contributions Spouse’s Unused Estate Tax Exclusion States With Estate Taxes Why Should You Be Concerned? Gift & Estate Tax Rates Gift and estate taxes are both part of the federal transfer tax system and are interconnected. […]
Tax Deductions For Content Creators: The Wild Side of Write-Offs
In the relatively new content creation industry, creators often find themselves in unique – and, frankly, bizarre – tax situations in their quest to go viral or amass a major following. What people don’t always of them don’t realize, however, is that these extraordinary experiences can sometimes lead to remarkable tax deductions. So, let’s delve […]
Employers, Don’t Miss Out on the Work Opportunity Credit
Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Work Opportunity Tax Credit (WOTC)allows employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to $9,600 for […]
Converting Personal Vehicles to Business Use: A Comprehensive Guide
As a taxpayer and business owner, you may be considering converting your personal vehicle to business use. This decision can offer significant tax and financial advantages, but it’s crucial to understand the process and legal implications. Here’s a step-by-step guide to help you navigate this transition. Step 1: Understand the Benefits Converting a personal vehicle […]
