The best way to survive an IRS audit is to prepare

The best way to survive an IRS audit is to prepare

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation...
Tax news for investors and users of cryptocurrency

Tax news for investors and users of cryptocurrency

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice new form reporting requirements for digital assets – making this important tax news for cryptocurrency. Check the box Beginning with tax...
Reduce the impact of the 3.8% net investment income tax

Reduce the impact of the 3.8% net investment income tax

High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected...
Benefits of a living trust for your estate

Benefits of a living trust for your estate

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a...