Posts by Alegria Network Administrator
Retirement Accounts and Your Estate Plan
Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts. Required Minimum Distribution FactsUnder tax law, you cannot keep money in a traditional IRA indefinitely. Eventually, it must be distributed. The amount…
Read MoreWill Your Crypto Transactions Be Reported on a Form 1099?
Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency transactions — especially when it comes to issuing and receiving a Form 1099 for 2023. If you buy something with cryptocurrency, you won’t receive one. However, you may receive a Form 1099 if you receive a crypto payment. Alert for Businesses Receiving Crypto PaymentsThe…
Read MoreUpdate on New Retirement Account Catch-Up Contribution RulesU
The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in late 2019. Congress followed up with the SECURE 2.0 Act in late 2022. This law introduced some additional taxpayer-friendly changes, including an increase in the limits for retirement account catch-up contributions for individuals who are…
Read MoreGARP Investing Seeks a Middle Ground
For some people, the world is an either/or. They exclusively drink either one soft drink or another. They’re a fan of either the Cubs or the White Sox. But what if you prefer to mix and match qualities of each option to approximate the best of both worlds? That’s essentially the idea behind an investment philosophy…
Read MoreDo Your Kids Know the Value of a Silver Spoon?
You taught them how to read and how to ride a bike, but have you taught your children how to manage money?Tip: Give Them a LookFind a credit card calculator on the web to give your kids a real-life look at what it actually costs to “buy now, pay later.”Many college students and graduates carry a significant…
Read MoreUnderstanding Estate Administration and the Probate Process
You may have heard people say that it’s wise to avoid probate. But is it true and do you understand why? Probate is the court-supervised process for distributing the assets in your estate. It involves the proposed executor in the will petitioning the court to accept the will as a valid testamentary instrument. Probate and Non-Probate…
Read MoreConsider Tax Issues Before Moving Across State Lines
Tax can be a deciding factor if you’re contemplating a move to a different state. Here’s an overview of how to evaluate the tax picture in various states you might be considering. Investigate All State and Local TaxesEstate vs. Inheritance TaxWhat’s the difference between an estate tax and an inheritance tax? An estate tax is charged against your…
Read MoreCrypto: What Taxpayers Need to Know
Cryptocurrencies have gone mainstream. You can now invest in them and use them to buy and sell many products and services. However, crypto transactions have important federal tax implications that may not be well understood by everyone. Here’s an update on what you need to know about the federal tax issues if you exchange or receive…
Read MoreFederal Tax News for Businesses
Businesses Targeted for Identity TheftThe IRS is warning businesses that they may be prime targets for identity theft. How do you know if your company’s identity has been stolen? According to the IRS, you should investigate if you receive a: rejection notice for an electronically, filed tax return because a return is already on file notice about…
Read MoreHow Elements of Control Affect Value
We’ve all heard the phrase that the “whole is greater than the sum of its parts.” But you might not know this theory can apply when valuing business interests. Control Is ValuableWhen a publicly traded business is acquired in the whole by an outside buyer, it’s often purchased for a greater value on a per share…
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