Sometimes after a loved one dies, we must deal with grief, funeral planning, and an estate. In some cases, we inherit assets from a deceased loved one. Unfortunately, not much in this life comes for free, and even the things we inherit can cost us. In this article, we will take a closer look at estate and […]
How to Prepare for the New 1099-K Thresholds in 2025
The IRS will enforce new reporting thresholds for 1099-K forms starting in 2025. The changes will impact gig workers, freelancers, and small business owners, particularly those operating in the gig economy or e-commerce. Understanding these updates and planning accordingly can help avoid surprises come tax season. Let’s break down what’s changing with the 1099-K thresholds, […]
Converting Your Home to a Rental Property
Real estate has long been considered one of the greatest long-term investments. Further, with the trend of minimalist living, many are turning their primary residences into rental properties. While converting your home to a rental property comes with passive income and tax benefits, it’s important to note the tax implications as well. Benefits of Converting […]
State Tax Liens vs. IRS Tax Liens: What’s the Difference?
Understanding tax liens is essential for anyone who owes taxes, whether to the federal government or a state taxing authority. A lien can have serious implications for your finances and even your ability to sell or refinance property. While the term “tax lien” is often used broadly, not all tax liens are the same. There […]
When Does the IRS Pursue Criminal Charges?
Tax evasion and tax fraud are federal crimes. Both involve the willful attempt to either evade the assessment or the payment of taxes. But at what point does the IRS pursue criminal charges for these actions? What consequences are included in the criminal charges? How does one prevent these charges from being brought upon them? […]