- Can You Deduct Property Taxes on a Second Home? Rules and Amounts
If you own or plan to buy a second home, you can often deduct property taxes. But, the IRS limits how much you can claim each year. These deductions apply only if you itemize, and the total cap for all state and local taxes (including property taxes) is $10,000 per year. A financial advisor can… read more…
- Community Property States vs. Common Law States
Property division in a divorce depends on whether the state follows community property or common law rules. In community property states, most assets acquired during the marriage belong equally to both spouses and are typically split 50/50. In common law states, assets generally belong to the spouse who acquired them unless they are jointly owned.… read more…
- Amortization vs. Depreciation: Differences and Examples
Amortization and depreciation are accounting methods used to allocate the cost of assets over their useful lives. Amortization applies to intangible assets like patents and trademarks. Depreciation deals with tangible assets like buildings, machinery and vehicles. A financial advisor can help you apply both methods as part of a broader tax strategy to reduce taxable… read more…
- How Does Series B Funding Work for Startups?
Series B funding is the second round of funding for many startup businesses acquiring new capital to pay for scaling operations, expanding market reach and enhancing product development. This phase of funding typically involves venture capital firms and investors who want to invest in companies with proven business models and a clear path to profitability.… read more…
- How to Incorporate a Business: Step-by-Step Guide
Many entrepreneurs incorporate their businesses each year to gain legal and financial benefits. The process may seem complicated for those unfamiliar with the requirements. Key steps include choosing a business structure, registering with the state, getting licenses and following tax rules. While some entrepreneurs choose to handle incorporation themselves, working with a financial advisor or… read more…
- Antitrust Laws: What Are They and How Do They Work?
Antitrust laws prevent large corporations from engaging in practices that reduce competition or harm consumers. These laws are enforced through regulations and legal actions to maintain fair competition. Business owners, financial advisors and consumers can use these laws to operate and compete fairly in the marketplace. A financial advisor can help you understand and follow… read more…
- IRS Doubles the Number of States Eligible to Use Free ‘Direct Filing’ in 2025
Direct File has been one of the IRS’s most popular and successful programs in recent years. In 2025, it will expand significantly and become available to twice as many states. In the coming tax year, residents of 24 states will be able to use Direct File for their taxes. While some financial advisors only manage investments, others… read more…
- Can Financial Advisors Give You Tax Advice?
Financial advisors can offer tax advice, but you should understand the scope of their expertise. While they can provide valuable insights on tax-efficient investment strategies, retirement planning and estate planning, they are not necessarily tax preparers or accountants. Rather, their role is to help you align your financial goals with tax-saving opportunities, such as maximizing… read more…
- Community Property vs. Equitable Distribution
Property division during a divorce can vary depending on a state’s legal framework, which generally follows either community property or equitable distribution rules. These systems determine how assets and debts accumulated during a marriage are divided between spouses during a divorce, which affects the financial outcome for both parties. If you’re going through a divorce,… read more…
- I Turn 73 This Year. How Do I Avoid RMD Taxes?
The IRS allows workers to put aside pre-tax earnings in traditional Individual Retirement Accounts, 401(k)s and similar workplace accounts. Within these accounts, the money grows tax-deferred. But the national tax collector only waits so long to collect, and once you turn 73 (or 75 if you were born in 1960 or later), the law forces… read more…
- I’m Going to Get $2,700 per Month From Social Security. How Can I Reduce My Taxes?
Social Security plays a critical role in the retirement plans of millions of Americans, but how these benefits are taxed is sometimes overlooked. If you collect $2,700 per month in Social Security benefits, your check is well above the average retirement benefit of approximately $1,800 per month and it could mean that you’ll owe taxes… read more…
- Are Trust Distributions Taxable?
Trust distributions can be taxable depending on how the trust is structured and the type of income it generates. Some payouts pass through taxable income to beneficiaries, while others consist of principal that is not subject to tax. Whether a distribution is taxed often hinges on factors like the trust’s earnings, deductions and how much… read more…
- How to Get a Tax Credit For Leasing an Electric Vehicle
Drivers who would like to make the switch to electric can find a few different tax breaks to help them out. For people who lease, the best option comes via the Inflation Reduction Act. This law can give lessees access to a $7,500 tax credit for electric cars. While a similar credit exists for people… read more…
- What Is Elder Law?
Elder law refers to legal issues that concern older adults, generally defined as people above the age of 65. It is often understood as an extension of traditional trust and estate law, but overlaps other legal specialties too. The growing… read more…
- It’s Getting Easier to Find Missing Retirement Money
American changes jobs more than 12 times on average during their careers — with women staying with each employer for an average of 3.8 years, while men stick around 4.3 years. That’s enough time in each of those jobs to… read more…
- What You Need to Know About the Estate Tax
As the old saying goes, nothing in life is guaranteed except death and taxes. And because estate taxes combine those two inevitabilities, it’s important to understand estate taxes in order to be financially prepared for what’s to come. As the… read more…
- 5 Strategies for Avoiding Taxes on Your RMDs
Saving for retirement in a 401(k) at work or a traditional individual retirement account (IRA) can help you build wealth for the long term while enjoying some tax advantages. But you’re obligated to take taxable withdrawals from your retirement accounts… read more…
- New Law Allows Tax-Free 529 Rollovers to Roth IRAs
Using a 529 plan to save for a child’s education comes with a lot of advantages. All earnings generated by the after-tax investments are tax-free for qualified educational expenses, multiple plans are available in each state, contribution limits are high,… read more…
- How a Divorce from a Common Law Marriage Works
A common law marriage doesn’t involve a marriage license, but it’s treated similarly to a traditional marriage in states that recognize this sort of union. Partners in a common law marriage, have rights and responsibilities similar to other married couples.… read more…
- Here’s the One-Word Secret to Lowering the Tax Hit on your IRA RMDs
Everybody hates being told what to do, and retirement investors hate it even more when being told what to do comes with a hefty tax bill – which brings us to the IRS rule known as required minimum withdrawals, or… read more…
- Understanding Tax Planning Services From Financial Advisors
Financial advisors who specialize in tax planning help clients optimize a tax strategy, which includes reducing tax liability and making the most of available tax deductions. As a subset of the broader category of financial advisors, tax planning financial advisors… read more…
- How to Avoid Taxes on Life Insurance Proceeds
The average funeral cost in 2021 was $7,848 for a wake and burial or $6,971 for cremation. The average cost of settling an estate varies, but a complicated estate could push $5,000 with ease. And none of this is accounting for… read more…
- Student Loan Forgiveness May Hit You With a Heavy Tax Bill
Depending on where they live, student borrowers may soon face an unexpected tax burden. In August, the Biden Administration made news by announcing that it would forgive up to $10,000 in student debt for most borrowers and up to $20,000… read more…
- How Usury Laws Regulate Loan Interest Rates
Usury laws protect borrowers in many states and some borrowers nationwide from being charged excessively high interest rates. However, state standards for excessive interest vary widely, and federal banking laws let credit card issuers, among others, charge essentially whatever the… read more…
- Unclaimed Money From Deceased Relatives
Receiving an inheritance, whether it’s expected or unexpected, can help to improve your financial outlook. But through poor oversight or lack of planning, an inheritance could be temporarily displaced. It’s possible that you may have unclaimed money from deceased relatives… read more…