From mainstream media coverage to a parody skit on Saturday Night Live, non-fungible tokens (NFTs) are starting to become a household name. But the concept can be confusing and leave investors wondering whether this is a fad, a hobby or a bona fide investment. While you may be able to address this question with a trusted…
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What Is an NFT?
What Is FATCA? Understanding the Foreign Account Tax Compliance Act
Suppose you’re considering doing business in another country or looking to split your time between the United States and elsewhere. In that case, it’s worth familiarizing yourself with the tax implications of having assets outside of the U.S. and its territories. That means getting to understand the basics of the Foreign Account Tax Compliance Act…
May 6 Is World Password Day. Here Are 6 Tools to Safely Store Your Passwords Online
How many times have you gotten a reminder to update your password before it expires? Or to make sure your password contains a capital letter, number and symbol? While inconvenient at times, these are some of the crucial steps that come with keeping your personal information safe. Choosing a weak or overused password can make…
LLC, C-Corp or S-Corp? A Guide to Protecting Your Business Assets
Creating a business is an exciting venture, and choosing a business structure is an integral step. Not only is each business structure taxed differently, but they all offer different levels of protection between personal and business liabilities. Before moving forward on your next step in entrepreneurship, make sure to understand the pros and cons of…
Need to Reduce Your Small Business Tax Bill? Try This
Did you get an unexpected surprise when you went to file your small business taxes this year? Did you not pay enough in estimated taxes during the year and now don’t have the cash to cover what you owe by the deadline? Here are five things you can do today to try and reduce your…
A Taxing Story: Capital Gains and Losses
Chris Rock once remarked, “You don’t pay taxes – they take taxes.”1 That applies not only to income, but also to capital gains. Capital gains result when an individual sells an investment for an amount greater than their purchase price. Capital gains are categorized as short-term gains (a gain realized on an asset held one year…
Competitive Intelligence: Strategies for Success
In today’s rapidly evolving marketplace, businesses that once relied upon traditional networks to supply them with clients and customers are now forced to become more aware of the competitive landscape in which they operate. Increasingly, market researchers are seeking out intelligence that can enable them to better understand their external competitive environment, including information about…
A Savings Plan That Pays for More Than Just College
If you’re thinking about ways to fund your child’s education, the federal government has provided an incentive—the Coverdell Education Savings Account (Coverdell ESA), formerly known as the Education IRA. Contributions are not deductible, but tax-free withdrawals can be made when used to pay for eligible education expenses. There are, however, income eligibility limits for parents…
Dividing the Family Pie Are Equal Slices Best?
When planning the division of your assets, you may believe in a policy of “share and share alike.” This is perhaps the easiest method, and often the way to avoid conflicts and complaints of favoritism. But does equality necessarily equate to fairness? After all, fairness is only relative, especially when one considers factors such as age, talents/skills, interests,…
Claiming the Medical Expenses Tax Deduction
In a given year, relatively few Americans take advantage of the federal income tax deduction for unreimbursed medical expenses. But if an illness or hospitalization in the family has led to an abrupt rise in your out-of-pocket health care expenses, you may find you qualify for some relief at tax time. Beyond the usual remittances…