Author: News Feed

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below): But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually…

Form 1099-H was last used for tax year 2021 and was issued to people who received advance payments of the health coverage tax credit (HCTC) to help cover health insurance costs. Let’s break down exactly what this form was all about and how it impacted your income tax return. At a glance: Form 1099-H was used to report advanced payments for the health coverage tax credit or HCTC. The HCTC expired after tax year 2021, so you will not receive it for tax year 2024. What is a 1099-H form? The 1099-H form was an Internal Revenue Service (IRS) form…

Dodgers star Shohei Ohtani watches the flight of his two-run home run, his 50th of the season, during the seventh inning of their game against the Miami Marlins last Thursday in Miami. The ball, which gave him the first 50-home run, 50-stolen base season in MLB history, was retrieved by a fan and will go up for auction on Friday, with an opening bid of $500,000. (Photo by Megan Briggs/Getty Images) Two very different slices of Southern California history are on high-profile auction blocks, where the end of the bidding is a great unknown. There’s been five-months-plus of bidding for…

Once upon a time, the best way to sell your home was an open house. It was understood that if you planned to sell your house, you needed to allow a parade of strangers into the property. Thankfully, that may no longer be the case. In fact, if you rely on open houses to sell your property, you may be disappointed. Just 4% of home buyers in 2020 said the first thing they did in their home search was go to an open house. Only 6% of buyers said they found their home by driving past an open house sign.…

President-elect Trump has promised to impose steep new taxes on trade, including a 10-20 percent tariff on all imports, at least a 60 percent tariffTariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters. on Chinese imports, and a 25-100 percent tariff on Mexican imports. At least a dozen estimates on Trump’s proposed tariffs show they will have a harmful effect on the American economy, supporting the standard view among…

Deferred compensation is an agreement where employees can receive a portion of their earned wages at a later date. If you’re an employee of a business, you may be eligible for a deferred compensation plan. While deferred compensation is optional, these plans can be a convenient way to prepare for the future and save for retirement. There are also tax implications to consider. Learn more about deferred compensation, how it’s taxed, and whether it’s right for you in this guide. What is deferred compensation? Deferred compensation allows employees to agree to receive a portion of their earned wages at a…

Did you purchase an electric vehicle (EV) recently? Many EVs, plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles (FCVs) can score you a nice tax break. Let’s see if you qualify and, if so, how to claim this tax credit. What is the electric vehicle tax credit? Officially called the Qualified Plug-In Electric Drive Motor Vehicle Credit, the EV tax credit was designed as a tax incentive to reward taxpayers for purchasing more eco-friendly vehicles. Depending on what type of new EV you buy and its battery capacity, the EV tax credit can be worth up to $7,500. But…

Estate and inheritance taxes are burdensome. They disincentivize investment and can drive high-net-worth individuals out of state. They also yield estate planning and tax avoidance strategies that are inefficient, not only for affected taxpayers but also for the economy at large. The handful of states that still impose them should consider gradually eliminating them or at least conforming to federal exemption levels. Under the Tax Cuts and Jobs Act (TCJA) of 2017, the federal estate tax exemptionA tax exemption excludes certain income, revenue, or even taxpayers from tax altogether. For example, nonprofits that fulfill certain requirements are granted tax-exempt status…

You may be wondering if it’s too early to start preparing for tax season. The answer is no. You should be preparing for tax filing throughout the year. The thought of filing can feel overwhelming for many business owners, but with a little preparation, you can put your mind at ease. From important documents and forms to deadlines, we’ve created a comprehensive business tax checklist to simplify the process.  Whether you’re a seasoned entrepreneur or a first-time filer, this business tax checklist will empower you with the knowledge and tools needed to succeed. Say goodbye to chaotic crunch time before…

Updated for tax year 2024. It happens. You filed your tax return on time, and you planned to forget about taxes for another year … but you just discovered a mistake on your federal tax return. What do you do? Do you file a new return with the Internal Revenue Service and tell them to forget about your original return? Do you amend your tax return to fix it? Do you owe a penalty for making a mistake? Don’t worry. The IRS allows you to correct your return even if you make a massive mistake, like forgetting to enter your…