August 2018

Manage Capital Gains Tax Tips

If not tracked and managed properly, capital gains tax can come as a large surprise at tax-filing time. In fact, many taxpayers don’t realize they have a capital gain until they get their 1099 form in January and see a capital gain distribution. Here’s what you need to know. Understand capital gains and their taxability Capital gains are recognized when you sell a capital asset for more than your basis in that asset. Capital assets are

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Setting up Your Business Accounting System

You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly set up your business’ accounting system. Here’s how:

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Are you Sharing Too Much Information Online?

In today’s digital age, it is impossible to avoid the internet. Even if you don’t have a computer and actively avoid social media, there is information about you in some corner of the web. Here are some tips to help you manage your digital footprint:

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Dramatic Sales Tax Change

The U.S. Supreme Court issued a ruling in the South Dakota vs Wayfair case that opens the door for states to impose the sales tax on sellers outside their borders. The case highlights a new standard of business presence called “economic nexus” that may have major implications for businesses and consumers alike. Economic nexus explained The exact definition varies, but in general, economic nexus makes a connection between a taxing authority (usually a state) and a

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Student Loan Forgiveness Creates New Tax Trap

There’s a new student loan repayment program that forgives some student loan debt if other payments are made. This new debt forgiveness is creating a tax surprise for the unsuspecting student. Here is what you need to know. The debt forgiveness program dilemma To combat the hardship of high student loan debt, a popular new repayment option is the income-based repayment plan. These plans limit monthly payment amounts to a percentage of discretionary income. They also

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My grandma had said there was 1,000$ for the 7 of us. But my aunt is keeping it all. What do i do?

ADDITIONAL INFORMATION: My aunt is keeping all my grandma’s stuff and her 7,000$ life insurance from the rest of the family. My grandma said we each get 1,000$ from her. But my aunt is lying and keeping everything. What can I do? ANSWER BY MARGARET CROSS-BELIVEAU: Life insurance is payable to the beneficiary listed on the policy. If you were listed as a beneficiary, the life insurance company would mail you a check. It is possible

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