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Winner takes all (or a quarter)

Be honest – you’ve thought about what it’d be like to win the lottery. What you might not have considered is the amount you’d actually end up with once you collect your winnings. After factoring in how much you spent on your lottery tickets, plus cuts from retailers and state and federal taxes, you’re looking […]
Have you ever heard of the marriage penalty? It means you could be taxed more as a married couple than you would as single people making the same amount of money. This is because single filers almost always have higher income thresholds when moving to higher tax brackets. Personal exemptions and itemized deductions can also […]
In light of the numerous hurricanes forming this season, disaster planning for Florida businesses is a vital and necessary process. But individuals and families need to also prepare for worst-case scenarios. With so many issues to consider, the topic can seem a little overwhelming. To help simplify matters, here are five keys to disaster planning that everyone should consider: Insurance. Start […]
If you invest a ton of personal time and effort into your hobby, plus you have multiple customers and keep professional records, your hobby might actually be a business. Turning your hobby into a business means you can deduct qualified business expenses. But that’s only if you do it right. The IRS has certain criteria […]
If you exchanged items or services with someone and didn’t use money, you’ve bartered! That means you have to list the difference in fair market value between what you’ve exchanged as either income or a loss on your tax return. Before you establish the value of a bartered item, take a look around at how […]
If an IRS agent makes an in-person visit to your home or business and it feels a little off, ask for credentials. All real IRS agents should carry two forms of identification showing that they’re legit – a personal identity verification card and a pocket commission card. And regardless of how an agent is contacting […]
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