REAL ESTATE MATTERS: Parents worry about tax burden of selling property to child

The reasons for transferring ownership to children vary.

Q: I have lived in my parents’ house for the past 19 years. I’ve been paying rent the entire time. They want to sell it to me for less than the market value but are afraid of the huge capital gains taxes. The home was purchased 19 years ago for $120,000 and the home has…

By Daria Uhlig

Here’s what you need to know about the W-9 form, one of the most common tax forms.

What Is a W-9 Tax Form?

Form W-9 is the Request for Taxpayer Identification Number and Certification form. If a payer must file an information return to the IRS to report payments made to or by you, they’ll likely ask you to complete the form.

What Is a W-9 Tax Form Used For?

A W-9 form provides the information…

In the wake of the damage left from Hurricane Helene, David Morgan speaks at Ormond Beach Presbyterian Church on stewardship and how to help those in times of need. Click below to access the video and skip to the 7:00 minute mark to see David’s talk.

Here’s Top Tax Planning Strategies for Your Business in Q4

From: shahaccountingcpa.com

As the fourth quarter approaches, it’s the perfect time to review your business’s financials and ensure you’re taking advantage of the best tax strategies available before the year closes. Whether your goal is to lower your tax burden, increase profitability, or simply avoid surprises come tax season, here are some key tax planning strategies to consider:

1. Maximize Section 179…

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David Morgan and his class from Parkway West celebrated their 50th high school reunion last week! The Debate Team also celebrated the memories of David’s Missouri State Debate Championship!!!

David Morgan and his class from Parkway West celebrated their 50th high school reunion last week! Congratulations to all involved!!!

Those With Large IRAs Need Roth Conversions Now, Ed Slott Says

From: www.fa-mag.com

Now that the Internal Revenue Service has released its final regulations on required minimum distributions for IRAs, inherited IRAs and 401(k)s, clients with large tax-deferred accounts need to seriously consider Roth conversions before 2017’s tax rate cuts expire at the end of 2025, said IRA expert Ed Slott.

The reason? The current marginal tax rates may never be this…

The Financial Statements…explained on ONE page

From: www.linkedin.com (Josh Aharonoff, CPA)

It doesn’t matter what industry you are in…

EVERYONE should understand how to read financial statements

When you understand Financial Statements you…

✅ Understand more about business

✅ Can perform your job in Finance & Accounting better

✅ Can build a robust forecast

and so much more

Let’s do a deep dive on how they work

➡️ The Profit & Loss (also known as Income Statement)

This statement is…

9 New Tax Projections for Retirement Planning in 2025

From: www.thinkadvisor.com

Every year, many numbers in the Internal Revenue Code are adjusted for inflation, ranging from the amount of the standard deduction to key limits for annual contributions to tax-advantaged retirement accounts.

Generally, the IRS sets its formal adjustments in mid-October, but there is now enough inflation data available to make relatively reliable projections for 2025 possible — and that is exactly…

50 Years Later, Was Erisa Worth It?

From: www.morningstar.com

Our analysis reveals how the landmark law has affected workers’ retirement income.

In 1974, Congress transformed the American retirement system.

By a unanimous vote in the Senate and a margin of 407-2 in the House, it passed the Employee Retirement Income Security Act.

The goal was to protect workers who had lost their pension, like those of the bankrupted Studebaker-Packard corporation. It was intended to…