Understanding the 50/30/20

Understanding the 50/30/20

Understanding the 50/30/20 You can divide your budget into three categories—needs, wants, and financial goals—by using the 50/30/20 general rule. It’s more of a general guideline to help you create a sound financial budget than a firm rule. According to the...
Cryptocurrency Taxes in 2023

Cryptocurrency Taxes in 2023

Cryptocurrency Taxes in 2023 Income generated from crypto is getting plenty of attention from the IRS in 2023. The crypto tax rules remain somewhat complicated. The IRS states that crypto may be subject to income or capital gains taxes, depending on how you use it. If...
Tax Deductions for Airbnb Owners

Tax Deductions for Airbnb Owners

Tax Deductions for Airbnb Owners If you’re an Airbnb host, you should know that taxes for home-sharing businesses are similar to real estate rentals, but there are some differences. Airbnb hosts are typically considered rental property owners rather than small...
What is a Spousal IRA?

What is a Spousal IRA?

What is a Spousal IRA? An individual retirement account (IRA) can be funded in the name of a nonworking spouse who has no or very little income using the spousal IRA strategy. This is an exception to the rule that states one must be employed to contribute to an IRA....
What Is a Donor-Advised Fund?

What Is a Donor-Advised Fund?

What Is a Donor-Advised Fund? A donor-advised fund may appear to be only for the ultra-wealthy, but it is open to anyone who makes charitable contributions. According to Fidelity Charitable, the donor-advised fund is one tax-efficient way to donate money to charities,...
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