Share to Twitter Share to Linkedin What Happened It has been a rough 2022 for cryptocurrency holders who had to face the collapse of luna and its associated stablecoin terraUSD, the meltdown of several digital-asset exchanges, and a brutal financial winter that cut the market value of all coins and tokens to $800 million from the January high of $2.4 trillion. With the year coming to an end, U.S. investors–most of whom are likely to be sitting on losses – have some room to optimize their tax situations and get ready for the upcoming filing season. Anyone following crypto knows how volatile the market can be. Forbes CryptoAsset & Blockchain Advisor looks at the universe of viable crypto assets with proprietary analysis and insider crypto knowledge to guide you to the best choices. Key Concepts Below are some strategies and best practices you can follow before the end of the year to save on taxes and have a smoother filing experience in … [Read more...] about Year-End Tax Tips After Crypto’s Dismal 2022
New income tax
Can You Use Your 529 To Take A Cruise?
Share to Twitter Share to Linkedin “Has anyone had clients actually do the apocryphal story of a client using a 529 to go on a continuing education cruise of Europe?” asked one of my peers in a recent forum, “Trying to figure (this out) after client asked.” Can You Get An Education At Sea? There are a host of companies offering education opportunities in combination with a cruise. Continuing Education, Inc. claims to have, “over 100 Continuing Medical Education and Dental CE cruise conferences.” This allows medical professionals to fulfill the requirements of their professional designation in combination with a vacation. There’s also University at Sea, CME Away at Sea, AEA Optometric Cruise Seminars, and many, many more companies that would gladly give a professional continuing education classes and an excuse to vacation. However, these are all continuing education classes, not college courses from an accredited school. These are for-profit companies … [Read more...] about Can You Use Your 529 To Take A Cruise?
Taxpayers can now file returns, pay ‘anywhere’
INQUIRER FILE PHOTO MANILA, Philippines — Taxpayers are now allowed to file their tax returns and pay the corresponding dues “anywhere,” as the Bureau of Internal Revenue (BIR) aims for a full-year intake of P2.6 trillion in 2023. The BIR made the file-and-pay anywhere scheme, doing away with penalties imposed on filing in the wrong venue, through Revenue Memorandum Circular No. 32-2023 dated March 3. This means that the filing of the annual income tax returns (AITRs) may be done through any BIR-authorized banks or revenue collection officers, even in BIR district offices other than the one where the taxpayer is registered. BIR Commissioner Romeo Lumagui Jr. said this policy was part of efforts to provide optimal services to taxpayers. “I wanted to improve the services that we offer to the taxpaying public,” Lumagui said. “My ultimate goal here is to provide each one of us the luxury of filing and paying our correct taxes at our most convenient time and place without any … [Read more...] about Taxpayers can now file returns, pay ‘anywhere’
Financial Planning For A Divorce
Share to Twitter Share to Linkedin There are many financial planning considerations before, during, and after a divorce. A key part of the process from a financial standpoint is dividing the assets. Generally, couples split the value of their assets 50-50 (though not always). But that doesn't mean the actual assets are just split down the middle, and some assets are much more favorable from a tax perspective than others. Once the divorce is finalized, a crucial (but often overlooked) part of the process is updating estate documents and beneficiary designations. Here are some key considerations when financial planning for a divorce. Money and divorce This article solely focuses on some of the general financial planning aspects of divorce and is not personal legal, tax, accounting, or financial advice. When getting a divorce, it's important to assemble your team of professionals. During the divorce, your attorney is the star quarterback. … [Read more...] about Financial Planning For A Divorce
Baseball’s Highest-Paid Players 2023: Shohei Ohtani’s MLB-Record Total Lands Him At No. 1
MLB’s most marketable star leads a group that is set to collect a record $436 million combined this year before taxes and agents’ fees, up 15% from last year’s all-time high. By Justin Birnbaum W hen Shohei Ohtani led Team Japan to victory at the World Baseball Classic last week, striking out his Los Angeles Angels teammate Mike Trout to end the championship game, he delivered yet another incredible achievement to his ever-expanding baseball resume. As he enters his sixth big league season, Ohtani has collected a slew of awards, including the 2021 American League MVP. That kind of success has translated financially for the 28-year-old Ohtani, who is now the highest-paid player in baseball. Forbes estimates Ohtani will collect $65 million in total earnings for the 2023 season before taxes and agents’ fees, an MLB record. Nearly half of that comes from the record-breaking one-year, $30 million contract extension he signed in October to avoid arbitration. Off the … [Read more...] about Baseball’s Highest-Paid Players 2023: Shohei Ohtani’s MLB-Record Total Lands Him At No. 1