If an individual, partnership, estate, trust, or an S corporation engages in an activity that is not conducted as a for-profit business, expenses (other than cost of goods sold) are not deductible. This rule does not apply to corporations, other than S corporations. if an activity is considered a for-profit business, deductions can exceed income, allowing the resulting loss to offset other income. Read More... Hobby vs. Business … [Read more...]
Death of a Taxpayer
When a taxpayer dies, there are certain returns that still need to be filed, a responsibility that falls onto the personal representative. Personal Representative Under state law, a personal representative is the person appointed by a court to administer an estate. The term includes both executors (appointed when decedent has a will) and administrators (appointed in the absence of a will). A personal representative nominated in a will has no authority over estate assets unless appointed … [Read more...]
College Financial Aid Planning
Individuals who want to attend College but cannot afford the costs outright must find alternative funding through various types of financial aid. Many factors affect eligibility for federal financial aid; therefore, all students should apply for financial aid every year even if they think they do not otherwise qualify. Read More... College Financial Aid Planning … [Read more...]
Quarterly Market Review: April-June 2019
The Markets (second quarter through June 28, 2019) The second quarter was full of ups and downs for stocks as investors had plenty to worry about. Throughout the quarter, the trade war between the United States and China ebbed and flowed as news continuously changed from positive to negative. Employment was steady and the unemployment rate remained low, but wage growth was moderate at best. Manufacturing and industrial production hit a snag during the second quarter, as did business fixed … [Read more...]
How Does the Federal Reserve Affect the Economy?
“The Fed's mission The Federal Reserve is the central bank of the United States. Its mission is to provide the nation with a safer, more flexible, and more stable monetary and financial system. For more information on the Federal Reserve, visit federalreserve.gov.” If you follow financial news, you've probably heard many references to "the Fed" along the lines of "the Fed held interest rates," or "market watchers are wondering what the Fed will do next." So what exactly is the Fed … [Read more...]
Managing Your Money in a Gig Economy
“As a contingent worker, you may be eligible for a number of tax deductions (e.g., start-up expenses, mileage), so be sure to keep good records. If you have multiple gig jobs, consider using a log to keep track of your income and work expenses.” According to the Bureau of Labor Statistics, 16.5 million people rely on contingent or alternative work arrangements for their income.1 Often referred to as the "gig economy," these nontraditional or contingent work arrangements include independent … [Read more...]
What is a college income-share agreement?
A college income-share agreement, or ISA, is a contract between a student and a college where a student receives education funding from the college today in exchange for agreeing to pay a percentage of future earnings to the college for a specified period of time after graduation. The idea behind ISAs is to minimize the need for private student loans, to give colleges a stake in their students' outcomes, and to give students the flexibility to pursue careers in lower-paying fields. Purdue … [Read more...]
How to Recover from a Mid-Life Financial Crisis
“Only 48% of workers ages 45 to 54 are confident that they will have enough money to last throughout their retirement.” Source: 2018 Retirement Confidence Survey, Employee Benefit Research Institute A financial crisis can be scary at any age, but this is especially true when you're in your 40s or 50s. Perhaps you're way behind on saving for retirement or have too much debt from unnecessary spending. Or maybe an unexpected challenge, such as a job loss, illness, or break from the … [Read more...]
U.S.-China Trade War: Who Pays the Price?
“Many U.S. manufacturers and importers are looking for suppliers in other countries and/or moving production out of China.” On May 13, 2019, escalating trade tensions between the United States and China sparked a worldwide stock sell-off that wiped out more than $1 trillion in global equity values.1 The markets recovered over the next three days, but tensions between the economic giants continued to drive volatility with no resolution in sight.2 Investors sometimes overreact to short-term … [Read more...]
Gray Divorce: Dividing Assets Can Impact Retirement
Although most people who marry hope their unions will last forever, about 50% of first marriages in the United States end in divorce.1 Individuals age 50 and older are still less likely to get divorced than those who are younger. Even so, the divorce rate for Americans under age 40 has declined since 1990, while it has roughly doubled for those age 50 and older.2 Unfortunately, a divorcing couple must typically negotiate a property settlement agreement (or seek the assistance of the courts) … [Read more...]
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