The average tax refund so far in 2023 has been just over $1,960, which is about 11% lower than last year. Tax professionals are warning taxpayers of potential “tax refund shock” and urge them to prepare for smaller tax refunds in 2023. Here’s a breakdown of what caused the decrease in the average tax refund […]
Taxes & Your Savings
An Overview of Sin Taxes
With sports betting on the ballot this past midterm election, many wonder if sin taxes are healthy for the economy. These taxes have been levied both at the federal and state levels. Here are some examples of sin taxes and what they mean for the economy. What is a sin tax? A sin tax is […]
Real Estate Investments & Tax Implications
Real estate investments and tax implications can be very complex. However, there are general tax implications for common scenarios. Here, we will discuss some of these benefits. Real Estate Tax Write-Offs The most obvious tax implication for real estate investments are the write-offs that can help reduce rental income. Typically, you can deduct any expense […]
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 […]
Tax Rules for an Airbnb or Vacation Rental
Renting out your property as an Airbnb can be a good way to secure residual income. While Airbnb may send you a tax form at the end of the year. It’s important to understand your tax responsibilities to check for errors and in the event you aren’t issued a form. Reporting Airbnb or Vacation Rental […]
Investment Tips for College Students
The world of investments can be intimidating, especially for young adults and college students. However, it is known that one of the best ways to build long-term wealth is to start investing early. Doing will allow your money to compound interest for a longer period of time. More than anything, knowing investment tips will help […]