Losing a spouse is one of the most emotionally challenging experiences a person can go through. During this time of grief, managing finances and understanding the tax implications of inherited assets can feel overwhelming. One common question is if widows pay taxes on life insurance payouts. The answer, in most cases, is reassuring—but there are […]
Head of Household Filing Status Explained
When tax season rolls around, individuals and families are presented with a myriad of choices regarding how to file their taxes. One such choice is determining your filing status. One often misunderstood but highly beneficial filing status is “Head of Household.” In this article, we will break down the details of the Head of Household […]
Saving for College: 529 Plan Tax Benefits
Saving for higher education tuition can be overwhelming. However, it can be a little easier with the help of a college savings account. By saving earlier and more efficiently, you can increase your savings for education, whether it is for your children, a family member, or even yourself. One of the most popular types of […]
Where to File and Pay Taxes as a Digital Nomad
The rise of digital nomadism has transformed how people work, allowing individuals to earn an income while traveling the world. However, while the freedom to work from anywhere is appealing, it also raises complex tax questions. Digital nomads must determine where they are required to file taxes, which country has the right to tax their […]
Tax Guide for Online Sellers: What Happens When You Sell Personal Items
Selling personal items online has become a common practice. Many people do this through platforms like eBay, Facebook Marketplace, Offerup, or Poshmark. Many people sell items they no longer need, such as clothing, electronics, or furniture. While selling a few personal belongings may seem straightforward, there are tax implications to consider. Understanding when and how […]
What is Imputed Income?
While you may not have heard of the term “imputed income,” chances are that you might be receiving it from an employer. Imputed income is essentially non-cash goods or services that you receive from your employer as a form of income. Many people think of taxable income as only the money they receive in their […]