How to Write Off Worthless Stock
Article Highlights: Tax Loss for a Security Sold or That Is Worthless Proving Worthlessness Selling a Worthless Stock by Year-end Brokers May Accommodate Clients Capital Loss Deduction If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes […]
The IRS Provides Online Tools for Recovery Rebates
Article Highlights: Non-Filer Information for Recovery Rebates “Get My Payment” Words of Caution Who Should Use the Non-filer Tool? Reduced Payments The IRS has a free, and easy-to-use online tool that enables those who don’t normally file a tax return (non-filers), or have too little income to file, to register for Economic Impact Payments (aka recovery rebates or […]
May 2020 Individual Due Dates
May 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 11. Your employer is required to withhold FICA taxes and income tax withholding […]
IRS Extends the Opportunity to Defer Capital Gains
Article Highlights: Tax Benefits Investment Period Qualified Opportunity Zone Funds Qualified Opportunity Zones Deferral Period 10 Year Election As part of tax reform put into place a couple of years ago, individuals are able to defer both short- and long-term capital gains into what are referred to as Qualified Opportunity Zone Funds (QOFs). What is […]
Are You Keeping Track of Your Investment Basis?
LArticle Highlights: What is Basis? Cost Basis Gift Basis Inherited Basis Events that Adjust Basis First In, First Out In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may own real property or have a variety of securities, including stocks, bonds, mutual funds, etc. When you sell […]
US Tax Advice for US Expatriate Living and Working in Georgia
Tax Guide for US Expats Living and Working in Georgia Download Our Expat Tax Guide Who Is Liable For Income Taxes in Georgia Resident individuals and nonresident individuals are subject to income tax on income received from Georgian sources. For tax purposes, individuals are considered resident if they actually are located on the territory […]
US Tax Advice for US Expatriate Living and Working in Brunei
Tax Guide for US Expats Living and Working in Brunei Download Our Expat Tax Guide Who Is Liable For Income Taxes in Brunei Brunei has no personal income tax. To learn more about the history, culture, economy and other information about Brunei We have been preparing US income tax returns for US Citizens and permanent residents […]
Day Trader Rules and Tax Treatment
Article Highlights: Risky What is a Day Trade? Pattern Day Trader Equity Requirements Margin Trading Tax Implications Day Trading as a Business Day Trading Business Tax Issues Election Day trading is neither illegal nor unethical, but it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money […]
US Tax Advice for US Expatriate Living and Working in Uruguay
ax Guide for US Expats Living and Working in Uruguay Download Our Expat Tax Guide Who Is Liable For Income Taxes in Uruguay Under the personal income tax law, effective from 1 July 2007, individuals are subject to income tax in Uruguay. Resident individuals are subject to tax on their Uruguayan-source income. Effective from […]
Understanding Tax-Deferred Investing
Article Highlights: Income Deferral Earnings Deferral Individual Retirement Accounts Retirement Accounts Bank Savings Short- and Long-Term Capital Gains Education Savings Accounts Health Savings Accounts Installment Sales Tax Deferred Exchanges Qualified Opportunity Funds When you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement […]