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. Whether you’re preparing your own estate or inheriting assets from someone else, […]
Tax Checklist for Closing a Business
Closing a business is a significant step that involves more than locking the doors or deactivating your website. Whether you’re a sole proprietor, LLC, or corporation, you’re still responsible for properly handling federal, state, and local tax matters. If done improperly, unresolved tax issues can follow you for years, even after your business ceases operations. […]
Roth IRA Penalties: What Are They & How Do I Avoid Them?
Roth Individual Retirement Accounts (IRAs) are popular investment vehicles that offer tax advantages for retirement savings. However, it’s crucial for account holders to be aware of Roth IRA penalties to make informed financial decisions. This article will explore the various penalties associated with Roth IRAs, helping readers navigate the potential issues and optimize their retirement […]
How Freelancers Can Avoid Surprising Tax Bills
The allure of freelancing lies in its flexibility and independence, allowing individuals to pursue their passions while managing their own time. However, freelancers often find themselves grappling with financial complexities, particularly when it comes to taxes. One of the most dreaded scenarios is receiving an unexpected tax bill. In this article, we’ll explore practical strategies […]
Is Overtime Pay Taxed Under the One Big Beautiful Bill?
Overtime pay is an integral part of many workers’ compensation packages, offering earnings for putting in extra hours beyond the standard workweek. While employees may appreciate the boost to their paychecks, questions often arise about how overtime earnings are taxed, especially after the passage of the One Big Beautiful Bill in July 2025. Understanding the tax […]