No matter what the reason for your move may be, it's important to be aware of the implications for your taxes when you relocate to a new state. In this article, learn more about establishing residency, part-year tax returns, and more.
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How to File Taxes After Moving to a New State
If you have lost your job, there are a number of tax issues that you may encounter. They include severance pay, unemployment compensation, health insurance, pension plans and possibly a home sale. How you deal with these issues can profoundly impact your taxes and finances.
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Tax Consequences of Losing Your Job
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U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S. Treasury's Financial Crimes Enforcement Network or face severe penalties.
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Foreign Account Reporting Due October 15
If you're like most entrepreneurs, you probably cringe at the thought of starting a new business in the midst of a recession. In reality, these periods of downturn may actually be the ideal time to launch your new startup.
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Actually, a Recession is a Great Time to Launch That New Startup
Make your Monday great with this motivation from INFINITY TAX SOLUTIONS LLC
Here's some motivation for your Monday from INFINITY TAX SOLUTIONS LLC
End of week tax fact from INFINITY TAX SOLUTIONS LLC
Gambling income can affect your taxes in more ways than you might believe, including causing your Social Security income to be taxed, reducing your health care subsidies through government marketplaces, paying higher Medicare B & D premiums, having additional filing requirements, and limiting or reducing a number of tax deductions and credits.
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Gambling and Tax Gotchas
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President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
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Trump says he's calling off stimulus negotiations with Democrats 'until after the election'
You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. A living trust is an estate-planning tool that is customized to suit the special circumstances of the individual it was created for but does not provide any estate tax or income tax benefits.
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Is a Living Trust Appropriate for You?
An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.
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Don't Miss the Opportunity for a Spousal IRA
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First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
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What Happens if I Missed the October 15th Tax Extension Deadline?
INFINITY TAX SOLUTIONS LLC - Some Friday tax knowledge for our friends and colleagues.
Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.
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12 Financial Metrics Small Business Owners Should Track
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.
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Don't Miss Out on Year-End Tax-Planning Opportunities
Since we are going into the slow season, it’s a great time to update our business knowledge. We spent the day taking several new classes. We are here to serve you. Call us at 801-904-2552.
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A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.
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Is That Inheritance Taxable?
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Breaking: The IRS is delaying the beginning of the 2020 tax season to February 12, 2021
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IRS delays start of tax filing season to Feb. 12
INFINITY TAX SOLUTIONS LLC has the motivation you need to get going this Monday.
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. Watch this short video to see if the new rates will affect your business.
Your Friday tax fact from Salt Lake City based INFINITY TAX SOLUTIONS LLC.
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
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Day Trader Rules and Tax Treatment
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