» Taxable Income

What Happens if You Miss a Quarterly Estimated Tax Payment?

If you miss a quarterly estimated tax payment, you may need to pay penalties and interest. Estimated tax payments are due each quarter for federal and state income taxes. Also, they are used to pay self-employment tax. Most people who work as an empl… Read More

E-sports Earnings: Is Game Streamers’ Income Taxable?

Electronic sports, or e-sports, income is taxable to gamers who make money from participating in online gaming. Professional gaming has taken off in the past few years with some even making millions! The IRS defines income broadly. Any income receive… Read More

Selling the Family Home? Tax Rules on the Sale and Transfer of Assets

Selling the family home and wondering how the sale is going to affect your taxes? The good news is for most homeowners, when it comes time to sell, the profit is now tax-free. To qualify for the tax-free exclusion of profit from the sale of your home… Read More

Are Life Insurance Payouts Taxable?

When thinking about your estate and beneficiaries, it can be easy to overlook taxes. But, for the people that do have life insurance and think about these things, one of the most common questions is: Are life insurance payouts taxable? First, congrat… Read More

How to Determine the Cost Basis of Gifted Stock

Determining the cost basis of gifted stock or other needed information for tax purposes can be confusing. Oftentimes, a well-meaning family member, like grandma, will buy stock for a loved one when they are a small child and give it to them when they… Read More

What is Your Tax Rate and Why Does it Matter?

We have a progressive tax rate in the United States. Basically, this means you are not taxed the same rate on all your income. The tax rate progresses (increases) as your income increases. Although complicated, this makes it a fairer and more just ou… Read More

SIMPLE IRAs vs. SEP IRAs: What is the Difference?

The primary difference between a SIMPLE IRA and a SEP-IRA are who is allowed to fund the retirement accounts and the contribution limits. Both a SIMPLE IRA and a SEP-IRA are tax-deferred individual retirement accounts offered primarily by small busin… Read More

Qualified Charitable Distributions - What they are and how they provide valuable tax savings. [a detailed review]

A qualified charitable distributions are donations to an eligible charity taken directly from your traditional IRA. Depending on the amount you give to qualified charitable organizations annually, the tax savings of having the payments made directly… Read More

Understanding Your Health Savings Account (HSA) [Breakdown]

If you qualify for a Health Savings Account (HSA), it provides a great method with some careful planning to both pay health insurance companies less and save for retirement, while reducing your tax liability. Setting aside money in an HSA allows you… Read More

Exemptions to the Tax Penalty on Early Distributions from Retirement Accounts

The majority of distributions from retirement accounts are subject to state and federal income taxes. In addition, if you take a distribution before reaching age 59½, a 10% early withdrawal penalty will apply unless you qualify for an exemption. The… Read More

Contact Us For More Information

  • This field is for validation purposes and should be left unchanged.

closeClose