If you own a life insurance policy and sell it, you may realize gain on the transaction. The Tax Cuts and Jobs Act (TCJA) changed the rules for determining basis used in measuring gain from such a sale. It is no longer necessary to reduce basis by the…
There is confusion about the tax treatment of inherited IRAs. It is true that the inheritance of an IRA is not a taxable event, regardless of the size of the account. An inheritable is tax free. But if the account is a traditional IRA funded by tax-de…
The IRS has announced a variety of measures designed to bring taxpayers required to file returns but who failed to do so into compliance (Fact Sheet 2020-02). The Service’s efforts promote voluntary compliance by leveraging its processes and systems, …
The Tax Cuts and Jobs Act of 2017 created a new type of investment offering special tax breaks. Various locations around the country have been designated as Opportunity Zones (OZs), allowing for these investments. Now the IRS has finalized regulations…
“Free” is a powerful word in the business of… well, nearly everything. Everyone wants something for nothing. After all, we work hard for the money we earn, and if we can keep more of it, then why not jump at the chance to get a product or service we ne…
Spring break and tax refunds are the original dream team. Whether you’re getting a breather from classes or organizing time as a family, that tax refund cushion can go a long way. Remember, you don’t have to rack up South Beach-levels of debt to have a…
Whether you’re cheering on Baylor or Kansas, Houston or Gonzaga, call up the crew and hunker down: It’s officially bracket season. Your favorite schools are facing off — both on the court and in spreadsheets across the country — as college basketball b…
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin, 1789
But was this illustrious founding father the first to intr…
What is 1095-A Tax Form?
You will receive the 1095-A Tax Form if you bought health insurance through the government health insurance marketplace. The 1095-A form is a Health Insurance Marketplace Statement that comes in the mail and you …
Search Google for “how to pay off credit card debt” will undoubtedly return a slew of results promising a “big secret” to pay off your credit cards and other debts. Not only pay them off, but pay them off quickly.
There’s no hidden magic involved …
