Here's your tax fact of the week from your friends at Walker Tax & Bookkeeping.
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.
WALKERTAXANDBOOKKEEPING.COM
Tax Consequences of Losing Your Job
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
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Let's get the weekend started. Friday from Walker Tax & Bookkeeping
Many people are unaware that the unemployment aids you receive from federal and state benefits are taxable, leading to a potentially unpleasant outcome on your 2020 tax return. Watch this video to learn more.
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.
Set yourself up for success with Monday Motivation from Walker Tax & Bookkeeping
Learn about taxes from your friends at St. Paul based Walker Tax & Bookkeeping.
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.
WALKERTAXANDBOOKKEEPING.COM
Gambling and Tax Gotchas
President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
CNBC.COM
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.
WALKERTAXANDBOOKKEEPING.COM
Is a Living Trust Appropriate for You?
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?
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
Looking for a sign? Here's your Monday Motivation from St. Paul based Walker Tax & Bookkeeping
Walker Tax & Bookkeeping - Some Friday tax knowledge for our friends and colleagues.
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.
WALKERTAXANDBOOKKEEPING.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
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Are You Keeping Track of Your Investment Basis?
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Here's your tax fact of the week from your friends at Walker Tax & Bookkeeping.
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important to resume savings as quickly as financially possible. Still others have simply been ignoring the need to save for their retirement, which can have an unpleasant result when it comes time to retire. Many tax-benefitting retirement options are available.
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Don't Fall Behind in Saving for Retirement
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We all have our favorite game shows such as Wheel of Fortune, The Price is Right, and Let's Make A Deal, and we love to have the contestants win big. Unfortunately, those winnings are taxable on the contestant's state and federal tax returns. See what can happen by watching this video.
Your Friday tax fact from St. Paul based Walker Tax & Bookkeeping.
Here's some motivation for your Monday from Walker Tax & Bookkeeping
Looking for a new tax preparer? Don’t forget to ask about their credentials! A tax pro should be an Enrolled Agent (like me!), a CPA or a lawyer. Otherwise they can’t represent you before the IRS.
https://www.irs.gov/newsroom/tips-to-help-people-choose-a-reputable-tax-preparer?fbclid=IwAR2VJk0OtodwJjjTGjic9uzQxt2cx72Cf1barJFTK4Gmc2wltxsQbh0VEjs
IRS.GOV
Tips to help people choose a reputable tax preparer | Internal Revenue Service
Here's your tax fact of the week from your friends at Walker Tax & Bookkeeping.
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.
WALKERTAXANDBOOKKEEPING.COM
Day Trader Rules and Tax Treatment
If you were a victim of a major natural disaster, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 has special rules about retirement plan and IRA distributions, retirement plan loans, how to compute disaster losses, and relief for non-itemizers. Employers may qualify for a new employee-retention credit.
WALKERTAXANDBOOKKEEPING.COM
Tax Relief for Victims of 2020 Natural Disasters
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