If you have received an IRS notice that states you owe money, the first order of business is to read the notice carefully.
You didn’t pay the IRS your balance due. What now?
Tax Implications and Reporting for a Decedent’s Investments
What happens when a person owns stock at the time of death? The executor/administrator/surviving spouse/kids don’t get on the phone with the banker the exact moment the decedent passes away in order to address assets owned in the decedent’s individual name. A person owning a stock in his/her individual name is very common. There is... Continue Reading →
Tax Debt Looming…? What Can the IRS Do?
What happens when you owe the IRS? Or, oftentimes more accurately stated: what happens when the IRS thinks you owe them? The IRS has a wide array of tools to crush us, mere commoners. Here are a few of them. The IRS Notice The IRS will send their infamous notice. Many times, these notices give... Continue Reading →
Tax Harvesting Can Save $!
Inflation is sky-high, interest rates are on the rise, and we’re funding another country’s full-scale war that is thousands of miles away. 2022 was a terrible year for the stock market. If you’re an equity investor, chances are your net worth has dropped substantially from only one year ago. That’s a bummer, but there may... Continue Reading →
Which States are the Most “Tax-Friendly”?
State taxes are confusing. Comparing taxes between states is even more confusing. When determining which state is more “tax-friendly” than another state, one must consider the state income tax, local income tax, sales tax, property tax, inheritance tax, capital gains tax, miscellaneous excise taxes, etc. The list is never-ending. Some states may be lenient on... Continue Reading →
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