You’d think retirees would get some consideration from the IRS. I mean, they’ve worked their entire adult life, paid their taxes (well, most of them), and paid them no matter what administration was in office or what stupid rules an administration put on the books. Now they’re retired. But it doesn’t mean they’re exempt from IRS audits. Reasons retirees [...]
Sam sat at the table holding his chin in his hand. “My kids are going to inherit my estate. Do I give it to them now or let them inherit it after I’m gone?” That’s an estate planning question that’s been pondered ad infinitum. There is no black-and-white answer. Your decision will be based on your particular circumstance. But [...]
Debt has become an American way of life. We owe a lot of money. The Federal Reserve of New York says that at the end of 2025, we collectively owed $18.8 trillion. Break that down and one of the largest classes of consumer debt in the U.S. is student loan debt. 43 million Americans have student debt Total student debt [...]
The Health Savings Account has been a wonderful addition to the financial landscape of people who are eligible for one. They’re often thought of as a way to pay for qualified medical expenses with pre-tax money during your working years for things like deductibles, copays and non-covered items—in other words, things not covered by insurance. The rules change a [...]
Very few people like surprises, at least not the kind that come from the IRS. So, as you look ahead through 2026, here are the numbers the IRS will use to decide how much money they think you’ll owe them. Standard Deduction The standard deduction reduces a taxpayer’s taxable income by a flat dollar amount which is determined by [...]
Filing tax forms is never fun, but there are some changes coming in 2026 that will make the process easier for businesses who use independent contractors. Businesses that pay independent contractors (non-employees) for services are required to file IRS Form 1099-NEC if total payments exceed a specific threshold. For decades, that threshold has been $600 or more in a [...]
Gifting: Definition The transfer of assets, such as cash, investments or property, from one person to another without receiving anything in return, often with the intent of helping the recipient with financial goals like education, buying a home, or investing. Gifting can also have tax implications for the donor. Gifting is a highly effective estate planning tool that has [...]
Here it is, the end of the year, and you may be faced with that pesky government requirement that forces you to take money out of your IRA whether you want to or not. The distribution is considered ordinary income and you pay taxes on that amount at your tax rate. If you don’t, you’ll end up paying an excise [...]
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