• 2025 & 2024 MILEAGE RATES

    2025 & 2024 MILEAGE RATES Standard mileage rates are used to calculate deductible vehicle operating costs for various purposes, including: Medical, moving, and charitable are unchanged from 2024. […]Read More… from 2025 & 2024 MILEAGE RATES

  • QUALIFIED CHARITABLE DISTRIBUTION (QCD)

    If at least 70 ½ and want to donate from your traditional IRA, DON’T take a distribution to yourself (that is taxable). Instead use the QCD rules…. Transfer up to $105k DIRECTLY from the IRA to charity. It is not taxable to you, does not affect your Adjusted Gross Income and can use it to comply with…

  • WHAT IS THE LONG TERM CAPITAL GAIN TAX RATE?

    That’s an excellent question.  Answer is it depends! Profits from the sale or exchange of capital assets held for over a year generally taxed at 0%, 15% or 20%. The rate depends on income limits that move (adjust for inflation)..  In 2024, the 0% rate applies to taxable income up to $47,025 for singles, $63,000…

  • Gifted versus Inherited Property

    If property is GIFTED, the receiver of the gift never pays a tax.  The giver of the gift has to deal with gift taxes. If property with a basis (original cost plus improvements) is $200k and the property sells for $500k, there is a $300k profit and is taxable. If instead the property is INHERITED,…

  • IS LIFE INSURANCE TAXABLE?

    SOMETIMES the life insurance company is required to pay interest from date of death to the date they issue the check. i.e. You receive $100,010.  The life insurance $100k is not taxable.  The extra $10 is interest and is taxable. […]Read More… from IS LIFE INSURANCE TAXABLE?

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