Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ramifications are real and need to be considered to avoid unpleasant surprises. The following are some of the major tax complications for each situation.Continue reading →
You think planning a wedding ceremony is complicated? Wait till you see the possible tax issues involved. If you are getting married this year, there is a long list of things you need to be aware of and plan for before tying the knot that can have a significant impact on your taxes. And there are a number of tax-related actions you should take as soon as possible after marriage.Continue reading →
While it’s true that every business is different from the next – and every entrepreneur will go on his or her own unique journey – there are still a few constants that we know to be true.
The start-up phase, for example, is when you write a formal business plan. You secure financing, you select your business structure, and you do all the other work required to get your enterprise off the ground. On the other end of the spectrum, we have the maturity phase, which is when you do what it takes to remain both competitive and sustainable for as long as possible.
In between that, however, we have what is known as the growth phase – one that often catches a lot of new entrepreneurs in particular off-guard. Still, this is an exceptional opportunity to grow from the business you’re running into the one you hoped you’d be in charge of when you started, provided that you’re able to keep a few key things in mind.Continue reading →
It doesn’t matter what age you are or how long it will be until you retire – most people spend at least a little time wondering how much money they’ll need to save to continue to live the lifestyle they want after they’ve left the workforce. Having said that, understanding what you’ll need and actually achieving that goal are two entirely different things.
Given the fact that the stock market is currently down overall, not to mention that there is uncertainty in the economy, major inflation, and other financial stress to deal with, it’s natural for people of all ages to worry if they have enough money put away to successfully retire on. Thankfully, simply removing that uncertainty and coming up with a concrete (and most importantly realistic) number can help a lot of those worries go away.
Therefore, if you truly want to make sure that you’re saving enough money for retirement, there are a number of important things to keep in mind.Continue reading →
The real estate market is red hot, and plenty of folks nearing retirement and holding investment property see now as an excellent time to offload their real estate assets and reap the profits. If you’re one of them, then – tempting as it may be – make sure that you talk to your tax advisor before making that move.
Purchasing rental properties has become an extremely popular investment strategy. In fact, experts say that those nearing and past retirement age have accumulated about $6.4 million in net worth tied to those holdings. As attractive as that income is, it can also create responsibilities around rent collection and property management that lose their appeal pretty quickly. It’s no wonder that, between those responsibilities and skyrocketing valuations, many people are looking to get out.Continue reading →