The Inflation Reduction Act (IRA) was passed in August 2022 to lower inflation, lower prescription drug prices, and promote clean energy. Some provisions were immediately enacted, while others will be phased out over the next few years. The question on everyone’s mind is, “what’s up with the Inflation Reduction Act IRS Funding?” The short answer […]
Taxes on I Bonds and Other Treasury Bonds: Explained by Pros
Inflation has been in the news lately, and it’s hard to ignore it at the grocery store or gas station. But one silver lining that comes with high inflation is that the interest on I-Bonds is nearing all-time highs. I-Bonds are inflation protection bonds issued by the U.S. government, which you can purchase yearly through […]
Cash vs. Accrual Accounting: Which is Best for Your Business?
What’s cash vs accrual accounting? The cash basis of accounting is simple – you record your revenue as your deposit it in the bank and expenses when you make a purchase. The accrual basis instead determines revenue and expenses based on when they earn. We’ll explore the differences between the two methods and when each […]
Capital Gains Rollover: Tax Strategies Explained
If you make some wise investment decisions (or have just been lucky), you’ll face having to report capital gains and wondering, “what are capital gains.” While capital gains are welcome, surprise is the feeling many people have when they realize the amount of taxes due on a capital gain. So we’ll look at common strategies […]
Roth IRA for Kids: Rules and Contributions
Most people realize that a ROTH IRA is a good investment that allows retirement funds to grow tax-free. You can withdraw these funds tax-free in retirement. But what most people don’t realize that you can also start a ROTH IRA for kids. What Is a ROTH IRA for Children? A ROTH IRA for children works […]
UTMA Account Rules: Taxes on Investment Accounts for Minors
Starting an investment account for a child can give them a head-start in life, but when choosing the right account type, you need to consider your goals and the child’s financial situation. One of the most flexible types of accounts is a UTMA account. Let’s look at UTMA account rules and the rules for the […]
Michael Tripp’s WSJ (Wall Street Journal) Feature
Summer is a time when many teens and students seek a part-time or full-time temporary job. The shared economy is full of opportunities, some of which even allow them to work from home. The shared economy, sometimes called the “gig” economy, is a lucrative opportunity. However, it’s important to know about a few changes […]
EV Tax Credit 2022 Updates
Indeed, electric vehicles (EVs) are becoming quite popular with those who can afford them, that is. Not only are they quiet, but they emit no carbon dioxide as they run. As a result, many activists and policymakers champion EVs as essential to mitigating the ill effects of climate change. An EV tax credit has been […]
What is Estate Tax, and How Can You Avoid It?
When someone dies, their estate (defined as all the assets they own) becomes subject to the estate tax. The federal estate tax only applies to estates over $11.7 million, so very few people need to worry about the federal estate tax. However, most of the estate over $11.7 million is taxed at 40%. So it […]
What is Excise Tax?
varItMak Most people are well aware of income tax and sales tax, but are less aware of excise taxes. So what is excise tax? What are Excise Taxes? An excise tax is an additional type of tax imposed on the sale of specific goods and services. Manufacturers and retailers collect most excise taxes, but there […]