If you’re considering borrowing or lending money to a friend or family member, you might be wondering, “What percent interest do friends and family loans pay?” The answer isn’t always straightforward, as the interest rate on these informal loans can vary depending on multiple factors. While family loans and friend loans are often seen as … Read more
Transferring leftover college funds doesn’t have to be a financial maze—and understanding how to roll over 529 education plan money from one person to another can save you from both stress and surprise tax bills. A 529 plan is a popular, tax-advantaged way to save for education costs, but what if the original beneficiary doesn’t … Read more
The Unlock Equity Program is an innovative way for homeowners to access cash from their property without taking on additional loans, interest rates, or monthly payments. Unlike traditional home equity loans, HELOCs, or cash-out refinancing, this program allows you to sell a share of your home’s future value in exchange for upfront funds. For homeowners … Read more
The short answer is no—kindergarten tuition cannot be claimed on taxes. This is because the IRS classifies kindergarten as an educational expense rather than a childcare expense, and educational expenses for kindergarten through high school are not tax-deductible under federal law. However, there are some related expenses that may qualify for tax benefits, such as … Read more
Gold bullion has long been a popular investment choice, often seen as a hedge against inflation and economic uncertainty. But when it comes to taxes, many investors wonder: is the appreciation of gold bullion taxable? The short answer is no, appreciation itself is not taxable until you sell the gold. However, once you sell your … Read more
Running a business comes with its fair share of challenges, and unpaid invoices are undoubtedly one of the most frustrating. But here’s some good news: you may be able to write off unpaid invoices on your taxes, reducing the sting of losing money and even lowering your taxable income. This article will walk you through … Read more
Starting a business can be an exciting and rewarding venture, but it also comes with several legal and financial responsibilities. Among the most important of these is ensuring that your business is classified correctly for tax purposes. Many entrepreneurs and small business owners may wonder, what happens if your business is deemed a hobby? If … Read more
If you’re a graphic designer, whether freelancing or running your own business, understanding graphic designer tax deductions can save you a significant amount of money. The creative industry is full of unique expenses that can qualify as deductions, from design software subscriptions to home office costs. Knowing what you can deduct—and how to document those … Read more
As an Instagram influencer, you’ve likely turned your passion into a profitable business. Whether you’re creating sponsored content, promoting products, or sharing lifestyle tips, the income you generate from your online presence is taxable. However, the good news is that as a content creator, you can take advantage of several tax deductions to reduce your … Read more
When it comes to tax obligations, the difference in tax obligations between U.S. citizens and Green Card holders is often misunderstood. Both groups are classified as “U.S. persons” for tax purposes, meaning they are subject to the same tax laws, including the requirement to report worldwide income to the IRS regardless of where they live … Read more