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  • Should Your Move Your 401(k)?

    One of subjects that seems to come up when doing people's taxes and I see that they have changed jobs that had retirement plans is: What did you do with your retirement plan at your previous employer?

    I have also found it amazing how many people have not even thought about it, or know what their options are.  So, here is a short primer on your options.

    #1 - 401(k) rollover: Keep you savings with your previous employer's plan

  • The IRS Can Take The Fun Out of Anything

    The IRS can take the fun out of just about anything.  Case in point:  Last week, baseball phenom Shohei Ohtani became the first major league player to start the “50-50 club” by hitting 50 home runs and stealing 50 bases in a single season.   And when he did that, one lucky fan in Miami caught the 50th home run ball and walked away with it even though he had the opportunity to give it to the Dodgers. No one yet knows whether the lucky fan will keep the ball or sell it. Should he decide to sell it , it could be worth hundreds of thousands, or even more than a million dollars. With these numbers, the ball could come with a huge tax bill.

  • No Income Tax States or Income Tax States?

    Living in a state with no income tax sounds like it would be a great thing, since the cost of living always has to include the overall tax burden of where you want to live.  However, there are many factors and types of other taxes to consider in addition to if the state has no income tax. 

    In this article, I want to present some things you need take a look at, so you can decide whether states with no income tax are actually better for your finances.

    Currently, there are nine states that have no personal income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Living in these states technically allows you to keep more of your hard-earned money in your pocket. Having no state personal income tax deducted from your paycheck makes these states attractive to many people.

  • Remember These Implications of Crowdfunding

    Crowdfunding has become a very popular way for individuals to raise capital. It typically involves funding a project or venture by raising contributions from a large number of people, typically through online crowdfunding sites. Crowdfunding campaigns fund a broad range of projects, from producing a product or new technology to supporting a charitable cause.  Those supporting a product using can buy the product at a reduced price.

  • Double Standards at the IRS

    The IRS is cracking down on more tax cheats this year but they don't enforce this standard on thousands of their own employees.

    While 96% of IRS employees fulfilled their tax obligations last year, a significant share were delinquent, owing almost $50 million in federal taxes, a new oversight report found. This certainly raises questions when we are constantly hearing about the IRS efforts to enforce tax compliance and restore "fairness" in the nation’s tax system by starting with non-compliant taxpayers.

  • Do the Rich Pay Their Fair Share?

    One of the subjects that politicians and the main street media love to push is that the rich don't pay their fair share of taxes.  But is that really true?  I thought I would give you some real statistics and let you decide.  Here is the latest data available from the IRS for 2021, in which the tax burden on high-incomers rose:

    The top 1% of individual filers paid 45.78% of all U.S. federal income taxes, although they created only 26.3% of the total adjusted income.  These are people that had an AGI of more than $682,577.

    The highest 5% paid 65.64% of total income tax, while the only created 41.99% of the total adjusted income and had an AGI of more than $252,840 or more.