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Got IRS Penalties? Know the Rules, Pay Nothing

Published on January 20, 2025
If you’ve received an IRS penalty notice, you may not need to pay it immediately. The IRS imposes various penalties for late tax returns, unpaid taxes, and failure to deposit employment taxes, but there are options to have these penalties reduced or removed entirely. Here’s how you can handle it. Common IRS Penalties The IRS […]
Got IRS Penalties? Know the Rules, Pay Nothing

Charitable Contributions From Your IRA: Tips and Traps

Published on January 13, 2025
When you turn 70½, you gain the opportunity to use your IRA for charitable contributions in a tax-efficient manner. This strategy allows you to make charitable donations directly from your IRA, known as Qualified Charitable Distributions (QCDs), which can potentially offer significant tax advantages compared to withdrawing funds from your IRA and donating them personally. […]
Charitable Contributions From Your IRA: Tips and Traps

QBI Deduction: Maximize It Before It’s Gone

Published on December 30, 2024
The Qualified Business Income (QBI) deduction, introduced by the Tax Cuts and Jobs Act (TCJA), offers a valuable opportunity for business owners to reduce their tax liability by up to 20% of eligible business income. This deduction applies to income from sole proprietorships, partnerships, S corporations, and other pass-through entities, as well as some dividends […]
QBI Deduction: Maximize It Before It’s Gone

2024 Year-End Tax Strategies for Your Stock Portfolio

Published on December 23, 2024
As 2024 comes to a close, it’s crucial to review your stock portfolio to implement strategies that minimize taxes. By making some strategic moves, you can avoid paying high taxes on short-term capital gains and lower the tax rate on your gains, potentially reducing it to 23.8% or even 0%. Here are seven strategies to […]
2024 Year-End Tax Strategies for Your Stock Portfolio

Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free

Published on December 09, 2024
When a borrower’s debt is canceled, it generally results in a Cancellation of Debt (COD) income, which is taxable under federal law. However, several essential exceptions allow this income to be excluded from taxes, depending on the circumstances. Here’s an overview of when and how COD income can be tax-free: General Rule: COD Income Is […]
Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free
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