Javier Simon is a banking, investing and retirement expert for SmartAsset. The personal finance writer's work has been featured in Investopedia, PLANADVISER and iGrad. Javier is a member of the Society for Advancing Business Editing and Writing. He has a degree in journalism from SUNY Plattsburgh. Javier is passionate about helping others beyond their personal finances. He has volunteered and raised funds for charities including Fight Cancer Together, Children's Miracle Network Hospitals and the National Center for Missing and Exploited Children.
If you give someone cash or property valued at more than the 2021 annual exclusion limit of $15,000 ($30,000 for married joint filers), you’ll have to fill out Form 709 for gift tax purposes. But don’t fret. This doesn’t always mean you’ll owe an actual tax. The government requires this to keep track of your lifetime gift and estate tax exemption. Only once you use up that large exemption would you owe an out-of-pocket tax. Still, filling out Form 709 can get complicated. This article will walk you through the process step-by step. It’ll also help you determine if you need to fill out a Form 709 in the first place. We can also help you work with a financial advisor who can guide you through the process so you won’t get in trouble with the IRS. Read more
The allure of penny stocks isn’t surprising. The idea is to buy low-priced stocks with huge growth potential and then make a robust profit by selling if they go up substantially in value. The problem is that many people don’t understand how big of an “if” that is. Penny stocks are often subject to major manipulation because they exist in the wild west of the market with few rules. So when you invest in penny stocks, you’re taking on a lot of risks, but that’s not to say you can’t see decent returns. We’ll help you understand whether investing in penny stocks is right for you and how you can do so in a smart way. But because of the risk involved, you may want to work with a financial advisor who can advise you for your financial situation. Read more
California does not levy a gift tax, however, the federal government does. That tax rate can climb to as high as 40%. Still, there are plenty of ways you can minimize the hit or avoid it all together. For the 2021 tax year, you can give up to $15,000 to any individual without triggering a gift tax, or up to $16,000 for the 2022 tax year. But even if you go over the limit, you may just need to file some extra paperwork come tax time. You won’t owe an actual tax until you exceed your lifetime gift and estate tax exemption. We’ll explain how that works, and how you can give without ever setting off a gift tax. But first, let’s define what a gift really is in the eyes of the IRS. We can also help you find a financial advisor to develop a personalized gift-tax strategy. Read more
If you recently received a sizable gift from Mom and Dad, don’t fret about the gift tax. The IRS generally holds the giver liable for taxes. And unless the person is handing over a small fortune, he… Read more
If you work for a public school or some kind of non-profit organization, you may have access to a 401(a) or a 403(b) plan. Both are retirement savings vehicles that offer major tax breaks. However,… Read more
Choosing a bank to work with is a very important step in your financial life. But with so many options out there, finding the right one can be overwhelming. Nonetheless, you can’t go wrong when… Read more
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