Filing tax forms is never fun, but there are some changes coming in 2026 that will make the process easier for businesses who use independent contractors. Businesses that pay independent contractors (non-employees) for services are required to file IRS Form 1099-NEC if total payments exceed a specific threshold. For decades, that threshold has been $600 or more in a [...]
Gifting: Definition The transfer of assets, such as cash, investments or property, from one person to another without receiving anything in return, often with the intent of helping the recipient with financial goals like education, buying a home, or investing. Gifting can also have tax implications for the donor. Gifting is a highly effective estate planning tool that has [...]
Here it is, the end of the year, and you may be faced with that pesky government requirement that forces you to take money out of your IRA whether you want to or not. The distribution is considered ordinary income and you pay taxes on that amount at your tax rate. If you don’t, you’ll end up paying an excise [...]
“Hurry, hurry, hurry! There are only a few more saving days until 2025 is over! Don’t miss this opportunity to save tax-deferred dollars and keep the IRS from going deeper into your pocket. Time is running out and come December 31st this opportunity will be GONE, GONE, GONE. So, act now!” Okay, so that may be a little too [...]
When you look back over the previous 12 months, you might be surprised at what may have changed for you, whether in terms of the economy at large, your individual finances, or your personal circumstances. That’s why the end of the year is a great time to reflect and to prepare for the year ahead. Maybe you want to pay off [...]
It won’t be long before you’ll be gathering every slip of paper and receipt you can find so you can step back into the ring with the IRS. The standard deduction and all tax brackets have been adjusted for the 2025 tax year. Here are the numbers that will be used to determine what you owe. Standard Deduction The [...]
It’s always a great challenge to find all possible deductions that will make your tax bill as small as possible. This late in the year you may have thrown up your hands and asked, “What else can I do?” But take heart. There are still several strategies available if you are charitably-minded. Appreciated assets If you itemize deductions on [...]
Still looking for ways to keep the IRS’s hand out of your pocket at tax time? If so, you still have time to make the maximum retirement plan contributions for 2025. Every $100 of deductions you gather now can reduce your federal tax bill by up to $37 next April. Here are some possibilities. For 2025 you can contribute [...]
The maximum contribution limits to tax-deferred savings accounts have been set for 2022. You can put more into employer-sponsored plans, but not individual accounts. IRA contribution limits, whether Traditional or Roth, will remain the same as it has been since 2019. You can contribute $6,000 and if you are age 50 or higher, you can make a $1,000 catch-up contribution. [...]
By Rafael A. Perez, Esq., Partner at McArdle, Perez & Franco P.L. and Chief Compliance Officer at Alhambra Investments Introduction: Over the past several decades of practicing real estate law I have had many clients, both domestic and foreign, ask me to apply for an extension of a like-kind exchange deadline. My response has always been that this is [...]
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