Investors may eventually choose to sell a rental property at some point for a variety of reasons, and this sale can produce a substantial windfall of cash. However, Uncle Sam will want his share of that money and you’ll need to plan proactively to reduce your tax bill and hold onto your hard-earned money.

Investing in stocks and bonds can be a great opportunity to build your wealth over time, and it is important to be aware of the tax consequences of investing in these securities so that you can grow your net worth in the most tax-efficient way.

A 529 plan is a powerful tool that should not be overlooked by any parent planning to send their kids to college one day. A 529 plan allows you to invest money in stocks, bonds, ETFs, and similar investments so that the money can grow by the time the child is ready to use it for college. The benefit of using a 529 plan over a regular brokerage account for this purpose is that the money grows tax-free

A tax extension is a request for extra time to file your personal or business tax return with the IRS. An extension will generally give you an additional 6 months to file. This means that if you file an extension for your individual tax return due April 15, you will now have until October 15 to prepare your tax return.

The prospect of a tax audit is something that understandably instills fear in many people and is something that most would prefer not to have to think about. However, it is important to understand how tax audits work and how to be prepared for them. This process involves a thorough examination of financial records and tax returns to verify their accuracy. In this article, we'll delve into the key aspects of tax audits, shedding light on the process, triggers, and what to expect.

Are you one of the lucky people who was able to snag a Taylor Swift concert ticket at face value this year? If so, congratulations! Did you resell those tickets on a platform like Ticketmaster or StubHub? If so, congratulations again as you most likely locked up a tidy profit on the resale of those tickets. As with any profitable venture though, the IRS is poised to take its cut and has new tools at its disposal this year to track ticket resellers.

Before diving into a discussion of marginal and effective tax rates, it’s important to understand how our tax system works. In the United States, we have a system of progressive taxation where the dollars that you earn fall into different tax brackets. A common misconception is that all of the income you earn is taxed in the one tax bracket that you fall into.

Deciding how to structure your business is one of the most important decisions you can make as you start your new venture. The entity type that you choose won’t have a big impact on the day-to-day operations of your business, but it will be very important in defining ownership, managing business taxes, limiting personal liability, and enabling you to raise capital in the future.

One of the most common questions that I get from my clients is, “What are estimated tax payments?” Estimated tax payments are periodic payments made by individuals and businesses to prepay their taxes throughout the year. They are typically used to cover federal income tax, self-employment tax, and state income tax.