Beware of Tax Consequences of a Job Loss

Brian SingletonBlog, Old Site, Watch Your Wallet

Given the current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here’s some answers: Q: What if I receive unemployment compensation? A: Unemployment compensation you received under the unemployment compensation laws of the United States or of a state must be included in your income. It is taxable income. If you received unemployment compensation, you should receive Form 1099-G showing the amount you were paid and any federal income tax you elected … Read More

Mutual Fund Buyers: Beware of a Potential Tax Surprise!

Brian SingletonBlog, Old Site, Watch Your Wallet

The stock market has made headlines this year with record volatility, record drops, and even record gains. And while many investors are still sitting on the sidelines, you may already be looking for bargains amidst the wreckage. So, we’re writing to alert you to a possible problem with acting now. Are you considering buying mutual funds in a taxable account (as opposed to an IRA or 401K)? Then you should be aware that most funds distribute capital gains this time … Read More

Tax Facts About Capital Gains and Losses

Brian SingletonBlog, Old Site, Watch Your Wallet

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may deduct only capital losses on investment property, not personal property. Here are a few tax facts about capital gains and losses: … Read More

Living Trust 101

Brian SingletonBlog, Old Site, Watch Your Wallet

A trust, like a corporation, is an entity that exists only on paper but is legally capable of owning property. A flesh and blood person, however, must actually be in charge of the property; that person is called the trustee. You can be the trustee of your own living trust, keeping full control over all property legally owned by the trust. There are many kinds of trusts. A “living trust” (also called an “inter vivos” trust) is simply a trust … Read More