Many perpetrators of investment fraud know how to push the right psychological buttons to entice their “marks” to buy worthless or nonexistent securities. You can mitigate the risks by asking a few questions, performing some research and consulting with trusted advisors. BEWARE Be alert for these common scams: Pyramid and Ponzi. The con [...]
The term “sandwich generation” was originally coined to describe baby boomers caught between caring for their aging parents and their children. These days the term applies to whichever generation is grappling with the problem. If you’re in the middle of the sandwich, it may be time for some honest discussions with the other parties about [...]
Many rules can potentially apply to the sale of business property, but what are the tax consequences? For simplicity, let’s assume that the property you want to sell is depreciable property used in your business and you’ve held it for more than a year. (Different rules apply based on property held for sale to customers, [...]
With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and loved ones. By using your annual exclusion, those gifts-within generous limits-can reduce the size of your taxable estate. For 2022, the annual gift exclusion is $16,000. This covers gifts you make to each recipient [...]
October 17 Personal federal income tax returns for 2021 that received an automatic extension must be filed today and any tax interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Form 114 “Report of Foreign Bank and Financial Accounts” (also known as the “FBAR”) must be filed by today, if not [...]
If you’re planning to sell capital assets at a loss to offset gains you realized during the year, beware of the “wash sale” rule. Under this tax rule, selling stock or securities for a loss and buying back substantially identical stock shares or securities within 30 days before or after the sale date means the [...]