Articles
Reporting Gambling Winnings and Losses on Your Tax Return
26 October 2024
Gambling can be an exciting pastime, but it also comes with financial implications that gamblers need to consider, especially when tax season rolls around. Understanding how to report your gambling winnings and losses on your tax return is crucial to ensuring compliance with IRS regulations...
Understanding Distribution Rules for an Inherited IRA
19 October 2024
Inheriting an Individual Retirement Account (IRA) can provide financial benefits, but it also comes with complicated rules regarding distributions that both beneficiaries and estate planners need to understand. The distribution rules governing inherited IRAs changed significantly with the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in December 2019. This article will guide you through the essential distribution rules for inherited IRAs, helping beneficiaries navigate the complexities involved...
Writing Off the Expenses of Starting Your Own Business
12 October 2024
Starting your own business can be a thrilling and rewarding endeavor, yet it often comes with significant costs. Fortunately, many of these expenses can be written off when tax season rolls around. Understanding how to effectively navigate startup expenses is critical, as it can help save you money and ease the financial burden of starting a new venture...
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