Could you use a quick infusion of tax-free cash? Your life insurance policy may provide one. Here’s the really good thing: you don’t actually have to die to collect! To access money from your life insurance policy without dying, you… Read More »Life Insurance – collecting before you check out!
Scams are incredibly common. I have written about them in many newsletters. According to recent data from the Federal Trade Commission, consumers reported losing more than $12.5 billion to fraud in 2024. They reported losing more money to investment scams—$5.7… Read More »Deducting theft (fraud) loses
If you have inherited (or may someday inherit) an individual retirement account (IRA), the 2025 changes may significantly impact your tax planning. RMD requirements. Starting in 2025, annual required minimum distributions (RMDs) are mandatory for most inherited IRAs. Failure to… Read More »Inherited IRAs – New 2025 RMD Rules
If you have one or more traditional IRAs and are age 73 or older, you are probably familiar with three of the most dreaded letters in the tax world: RMD, short for required minimum distribution. Starting in the year when… Read More »IRAs and Tax Benefits of QCDs
The IRS recently introduced a new Simple Payment Plan designed to be more straightforward and accessible for individual taxpayers. This plan can be set up either online (at www.irs.gov) or with the assistance of an IRS employee. More than 90%… Read More »IRS Launches New “Simple” Payment Plan
California’s Franchise Tax Board (FTB, the state income tax agency) just announced that taxpayers may have received an incorrect 2024 Form 1099-G. This form shows the refund amount for a prior year’s state income tax return. The following is the… Read More »California’s FTB issued erroneous 2024 1099-G forms
The Financial Crimes Enforcement Network (FinCEN) has reinstated the requirement for beneficial ownership information (BOI) reporting, with a new filing deadline of March 21, 2025. This decision follows the U.S. District Court for the Eastern District of Texas’s ruling on… Read More »Beneficial Ownership Information Reporting Mandate Reinstated
Governor Newsom’s January 16, 2025, executive order provides two key property tax relief measures for those affected by recent firestorms: 1. Automatic Property Tax Payment Extension Property owners in designated areas receive an automatic extension for their April 10, 2025,… Read More »Property Tax Relief for Firestorm Victims: What You Need to Know
I mentioned in an earlier Blog that many taxpayers will be receiving a new form in the mail for the first time this year. Form 1099-K is a report of payments you received for goods or services during the year… Read More »Understanding your Form 1099-K
You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly. To claim the whole… Read More »Sale or Casualty Loss of Personal Residence
