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How Can I Minimize My Chances of an Audit?
Worried about an IRS audit? Do these things, and you’re less likely to have your return flagged for one. The IRS audits less than 1% of tax returns, so your chances of having yours further examined are pretty low to begin with. But if you want to further minimize your chances of getting audited, here are…
Read More‘I was discarded after 40 years of marriage’: Can my ex-husband file a joint tax return without my consent? He tried to take both my stimulus checks
‘He told me straight out that he does not intend to give me any of our joint tax return, because he said that I am no longer working’ Dear Moneyist, I’m 62 years of age, I have stopped working and I am currently receiving Social Security. My ex-husband is intending to file a joint tax…
Read MoreAvoid these mistakes when divvying up assets in a divorce
KEY POINTS Even if two assets appear to have the same value, taxes can make one worth less than the other at the time of valuation. The cost basis of any given asset is a key measurement and should be determined up front, experts say. Even if you have an attorney and financial advisor advocating…
Read MoreWednesday Q&A Should I lend money to friends or family?
Should I lend money to friends or family? Gregory discusses some things to think about before you start handing out the cash on this segment of Winning at Life. Do you have questions for Gregory? Press the ASK GREGORY below and your question could be featured next! ASK GREGORY We’re Here to Help Have questions about…
Read MoreRevocable trust vs. will: A guide to estate planning in the age of coronavirus
Coronavirus has proven to be a major threat to our overall well-being. And with all the trouble it’s caused to families, now could be a good time to review your own estate planning needs. It’s something that many people may be overlooking, either accidentally or on purpose, as this economic and health crisis plays out.…
Read MoreTricks To Improve Your Credit Score Life Kit
Credit scores. If you’ve ever rented an apartment, bought a car or applied for a loan, you know what it is. It’s a score that tells lenders how financially reliable you are and how good you are at paying off your debts. But it’s so much more than that, too. There are rules to the…
Read MoreA self-directed IRA gives you control over a greater choice of investment options, but it also means more responsibility and risks
A self-directed IRA (SDIRA) is a kind of retirement account that allows you to invest in assets that are off-limits to regular IRAs. You directly manage your self-directed IRA, and so are responsible for researching your investments and their tax consequences. In general, self-directed IRAs are available only through a custodial service that specializes in…
Read More10 Books Warren Buffett Thinks You Should Read
Because a few fresh perspectives, and fresh strategies, may be all you need. One of my favorite things to do is ask writers whose books I love to list a few books they love; it’s a great way to get excellent recommendations. The same applies where business is concerned. If you’re a fan of Warren Buffett‘s, then reading…
Read MoreHere’s how the pandemic has upended the financial lives of average Americans: CNBC + Acorns survey
From jobs to savings to retirement plans, the coronavirus pandemic has upended many Americans’ financial lives. While millions are still unemployed and many have seen their emergency savings run dry, it isn’t all necessarily negative. Many are saving more and spending less. In fact of those surveyed in a new CNBC + Acorns Invest in You survey,…
Read MoreTax Changes and Key Amounts for the 2020 Tax Year
Between deepening Washington gridlock and election year politics, just a few months ago we were expecting 2020 to be a quiet year in terms of tax law changes. But, boy, were we ever wrong! The government funding bills signed by President Trump in December 2019 included a lot of tax provisions. The economic stimulus packages…
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