Tax Deductions You Won’t Believe
While Americans are entitled to take every legitimate deduction to manage their taxes, the Internal Revenue Service (IRS) places limits on your creativity. Here are some examples of deductions from the IRS that were permitted and some that were, well, too creative.¹ Creative Deductions that Passed Muster Usually a child’s school-related costs are not deductible. […]
What Is a 1035 Exchange?
According to the most recent information available, Americans have individual life insurance with a total face value of $14 trillion.1 Due to a variety of factors, these individuals may find themselves in circumstances where the specific life insurance policy or annuity contract they own does not suit their needs. They may want to exchange products […]
What Do Your Taxes Pay For?
Taxes are one of the biggest budget items for most taxpayers, yet many have no idea what they’re getting for their money. The average household spends more on taxes than on groceries, clothing, or healthcare. In fact, 11% of our income, on average, goes to personal income taxes, which doesn’t include sales tax, property tax, […]
Capital Gains Tax When Selling Your Home
