If you are getting a divorce or are already divorced, read on for tax tips. If you’re going through a divorce, taxes may be the last thing on your mind. But divorce involves many potential tax traps and pitfalls. Here are some things to know: Alimony and child support. Through 2018, alimony is taxable income to the person who receives it and deductible by the person who pays it, as long as it meets certain specific tax requirements. Child support is neither taxable nor deductible. A divorce agreement should clearly spell out the difference between alimony and child support. After 2018,
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Tips to Protect Yourself From Tax Scams
Read on to learn how to keep your identity safe! Too many people downplay the threat of identity theft because it hasn’t been witnessed or experienced firsthand. This false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers: Be naturally suspicious. Understand that there are people out there trying to get your information, and others willing to pay for it. With that knowledge, be suspicious of anyone asking for personal information — especially your Social Security number (SSN). Even when a known vendor asks for your SSN,
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High Medical Bills? Consider These 3 Tips to Save
Medical bills can add up fast. Here are a few tips to help you save. With increasingly high costs of medications, doctor visits and hospital stays, remaining healthy has become an expensive proposition. In addition, it seems as though health insurers are passing along more and more costs in the form of higher deductibles, increased premiums and larger co-payments. Out-of-pocket costs for even one hospital stay could break a household budget. Fortunately, you can control some health care costs by following a few simple strategies: Negotiate, negotiate, negotiate. You haggle when buying a car. Why not use a similar tactic
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Two Must-Dos When Hiring Your First Employee
Are you ready to hire your first employee? Make sure to consider these two important stages. Maybe you started a new business — solo or with a business partner. Now the business is growing and there’s just too much to do. You find yourself working long hours and still not keeping up. It may be time to make your first hire. Think of the hiring process in two stages: Define your employee needs Long before you start interviewing, think carefully about why you need an employee and how you’re going to work with the new hire. Do you need someone
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The Leadership Coaching Group – Podcast Episode
Diane Gardner guest starred on The Leadership Coaching Group podcast with show host Liz Roney. CLICK HERE TO LISTEN We have one of the biggest tax cuts in 30 years. So what does this mean for an individual or a business owner? Largely – it could be great news. If the answer is something that might interest you, click to listen! We also cover: What the biggest changes to the tax laws are What you need to know about your deductions moving forward The biggest mistake small business owners make with taxes Plus so much more!! To listen to
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Claiming an Education Credit? Don’t Forget the Timing Rules
If You Plan on Claiming an Education Credit, Read On! The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) include timing rules for expense payments that you need to know if you plan on claiming either on your 2018 tax return. Know what year to pay school expenses You can claim the AOTC or LLC in the taxable year in with which the qualified school expenses are paid. For example, if you paid tuition expenses in 2018 with loan money, you can claim the credit on your 2018 federal income tax return. Keep in mind that this
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Your 2019 Social Security Benefits Recap
If You Receive Social Security Benefits, Read On! The Social Security Administration (SSA) made a 2.8 percent increase to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. Take a look at some of the most significant changes as you create and update your financial plan for 2019: 2019 Social Security benefit highlights Up to $132,900 in wages will be subject to Social Security taxes (up $4,500 from 2018). This amounts to $8,239.80 in maximum annual employee Social Security payments. Retirees under full retirement age can earn up to $17,640 before Social Security benefits are reduced, and up
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Real Estate Rockstar Radio – Podcast Episode
Diane Gardner is guest starred on the Real Estate Rockstar Radio podcast with show host Pat Hiban. CLICK HERE TO LISTEN In This Podcast You Will Learn: One change to tax law that affects almost all agents [5:28] Why you’ll likely save at least $1,200 on this year’s taxes [14:21] What agents need to know about QBI [15:44] Ways your kids could save you money on taxes [26:30] One major exemption that’s now gone [38:13] A tax credit that has doubled this year [38:54] Examples of first-year write offs [41:00] An alternative to the 1031 exchange [44:29]
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Doctor Freedom – Podcast Episode
Diane Gardner is guest starred on the Dr. Freedom Podcast with show host David Denniston. CLICK HERE TO LISTEN In This Podcast You Will Learn: Discover the changes for W-2 earners and 1099 earners. Learn what the New Qualified Business Deduction is and who qualifies for that deduction. Discover what the Medical Expense Reimbursement Plan (MERP) is and what business types could benefit. What is the best way to save on taxes and how it will benefit you in the future. Acquire Diane’s theory on the new tax bill and how it will affect most Americans. To listen
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Paying Your Tax Bill With Magic Beans?
Ohio First State to Allow Taxes Paid with Bitcoin If you pay attention to financial news, you can’t escape hearing about Bitcoin and other cryptocurrencies. Bitcoin is just like country music, Justin Bieber, and pineapple on pizza — people either love it, or hate it, but there’s no middle ground. The billionaire Warren Buffet dismisses it as a “mirage,” a “Buck Rogers” phenomenon, and “rat poison squared.” But legions of fans see it someday replacing government-backed currencies. Odds are good that one of the millennials at your holiday table believes in Bitcoin as hopefully as they used to believe in
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