[Medical Economics] 5 financial benefits of owning your medical practice building
by Alexis E. Gallati
Foreign Gift Tax: Do I Have To Pay?
If you have received an inheritance or a gift from a foreign individual or company within the past year then this article is for you. We will give you a run down of all you need to know surrounding foreign gift tax. If you have received a gift/inheritance that is not cash, it is advised …
Superfunding 529 Plans: Rules, Pros & Cons
This article was written to help you answer the question: Should I superfund my 529 plan? First, let’s start with the basics. What is a 529 plan? With colleges and universities becoming more necessary in today’s world, but with tuition prices on the rise across the country, the 529 plan is something you should consider …
Nanny Tax Rules: Does It Apply To You?
Hiring a babysitter, or nanny, is a great way to have in-home care for your kids while you’re working, running errands, or doing whatever it is that you need to do sans-children. What you may not know is that the IRS sometimes considers these caregivers to be “household employees”, and therefore requires employment taxes (or …
Advance Child Tax Credit – Changes for 2021
What is the Child Tax Credit? The Child Tax Credit was first introduced in 1998 as a part of the Taxpayer Relief Act of 1997 as a $500-per-child non-refundable tax credit. This meant that a taxpayer could not claim the full credit amount, if their total tax liability was less than the $500-per-child credit. In …
Quarterly Estimated Taxes: Due Dates & Penalties
Dealing with the IRS isn’t always simple and straightforward. Most employed individuals have the luxury of paying regular income tax which is withheld from their paychecks. But depending on what kind of work you do and how you do it, you may be obliged to pay quarterly estimated taxes. What Are Quarterly Estimated Taxes? The …
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Can I Have Multiple 401k Profit-Sharing Plan Accounts?
Most professionals only have one job. But it’s becoming increasingly common for Americans to have separate income streams. If you have two or more employers, this can mean having two separate retirement accounts. It’s legal to have multiple 401k accounts. In fact, in a select few professions, it’s quite common. But there are limiting factors …
Can I Have Multiple 401k Profit-Sharing Plan Accounts? Read More »
Want A Tax-Free Roth Conversion While Donating To Charity? Here’s How!
Before 2010, most people could not afford to convert an IRA into a Roth IRA. After 2010, the income restrictions that stopped them from doing so were scrapped. But one thing that hasn’t changed is that Roth IRA contributions typically trigger a taxable event. There are few ways of getting around this taxable event: IRA …
Want A Tax-Free Roth Conversion While Donating To Charity? Here’s How! Read More »
What You Should Know About the Mortgage Interest Deduction
If you’re looking for a worthwhile tax deduction, your mortgage is one place you may be able to save money. The mortgage interest deduction is one of the most sought-after in the US. It’s a useful tool for homeowners and realtors. It’s also often touted as one of the best tax deductions you can claim. …
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