This is the 2nd part of “All You Need to Know about Social Security Benefits”. The article focuses on the tax impact and tax planning for Social Security Benefits. In previous post part 1, I’ve talked about when a person collects Social Security earlier than his/her full retirement age which is from 65 to 67, […]
Social Security Benefits and Tax Planning Read More »
Recently, a wealthy friend of mine has reached out to me for tax guidance, he wants to gift one of his properties to his daughter. Since he asked the questions, I’ve realized that a lot of parents out there probably have the same questions. This post will provide the answer on tax consequences for gifting
Tax Consequences for Gifting Properties – Gift Tax and Income Tax Read More »
This blog post will focus on the tax-efficient strategies on the federal income tax for investments including stocks, bonds, and rental investments. Understanding tax implication will have a big impact on the return on investments (ROI) Types of Investment Income Before going to the details of tax-efficient strategies, taxpayers should understand the types of
Tax-Efficient Strategies for Investments to Consider Read More »
There is a misconception about the tax strategy for 2nd or rental homes. Tax payer can move to rental home, live in it for two years before selling it in order to get full exclusion for the gain of $250,000 for single filer or $500,000 for married jointly couple. Reducing the capital gain tax on
How to Reduce Capital Gain Tax on The Sale of The Second and Rental Homes. Read More »
There are many reasons for people to sell primary homes during their lifetime. People move to different locations due to work-related move. People may also have to sell their home, upgrade to a bigger home when the family has more members or downgrade the home when kids go to college, out of the home. Deciding
How to Minimize Tax on the Sale of Your Primary Residence. Read More »
A backdoor Roth IRA is a legal way for the high-income earners to contribute to Roth IRA. In general, IRA (Individual Retirement Account) is a tax-advantage vehicle toward retirement savings. There are different types of IRAs; however, this blog post will focus on Traditional IRA and Roth IRA as they are related to the Backdoor
Steps by Steps to Backdoor Roth IRA Read More »
Many of you may hear about IRC §121 exclusion which the taxpayer can exclude the gain up to $250,000 or $500,000 for married filing jointly. I also discuss about this provision in the another post. You can read the post How to Minimize Tax on the Sale of Your Primary Residence. One of the most
Real Estate Tax Trap to Avoid Read More »
Nowadays, most people change at least one job per their lifetime. New employees should explore the benefits that the company has provided to its employees in order to maximize the benefits. The post provides some guidance for employees to take advantages and to maximize the company’s available benefits. Here is the list of common benefits
Company’s Benefits – How to maximize the benefits- Finance 101 Read More »
There was a request from my well-respected person to have a post for tax implication for ESPP. Therefore, this blog post is dedicated to that person. The post will not go to the definition of the ESPP and how does ESPP work and it only focuses on the calculation of the tax report and adjustment
All You Need To Know About Employment Stock Purchase Plans – ESPP Read More »
