Will Tax Law Changes Increase Your Taxes?

Will you be paying more in taxes next year? Let’s ask the question in another way. Since politicians have taken aim at high earners: Are taxes going to rise for the wealthiest taxpayers? Clients usually ask, “How will this affect me?” Or, “Will I be ensnared by Congress’ definition of wealthy?” If proposed changes inContinue reading “Will Tax Law Changes Increase Your Taxes?”

Will you be paying higher taxes on your capital gains?

The short answer is probably “No.” The longer answer is, “I don’t know” because tax hikes proposed by the president may or may not be enacted into law by Congress. Last month, President Joe Biden unveiled The American Families Plan, which among other things, proposes to raise capital gains taxes on long-term capital gains—on theContinue reading “Will you be paying higher taxes on your capital gains?”

Charitable Giving and 7 Charitable Giving Missteps

Individuals, foundations, bequests, and corporations gave an estimated $449.6 billion to U.S. charities in 2019, according to findings in Giving USA 2020: The Annual Report on Philanthropy for the Year 2019. Individuals, foundations, bequests, and corporations gave an estimated $449.6 billion to U.S. charities in 2019, according to findings in Giving USA 2020: The AnnualContinue reading “Charitable Giving and 7 Charitable Giving Missteps”

IRS Outlines Changes to Health-Care Spending Rules Under CARES Act

Hi Wealth Warriors!!! This IRS update has similar content to a previous blog post that I made, but it does have some additional information. I was hoping that they would also extend the amount of time that you have to spend the FSA funds. Keep on Fighting for YOUR Wealth. The amended rules under theContinue reading “IRS Outlines Changes to Health-Care Spending Rules Under CARES Act”

Watch-out for Stimulus Payment Scams

Since the passing of the CARES Act which included provisions for a $1200 per person stimulus payments scams have emerged to try and cheat or defraud taxpayers of their stimulus payment. The IRS has provided some details on common tactics that are being used by scammers. What is the ‘Corona virus stimulus scam?’ Scammers areContinue reading “Watch-out for Stimulus Payment Scams”