One of the many great things about points and miles is that it's just a bunch of funny money. Even though they have very real (sometimes immense) value, they typically aren't treated as taxable income. That is … until the 1099 shows up in the mail. For those unfamiliar with Form 10...
In general, the death benefit received from a life insurance policy is tax-free for the beneficiaries. This means that the beneficiaries do not have to include the death benefit as taxable income when they receive the payout. The tax-free nature of the death benefit is one of the key adva...
Consulting with a financial advisor or estate planning professional can help ensure that the survivorship life insurance policy aligns with your unique circumstances and the specific needs of your heirs and beneficiaries. They can assist in assessing the appropriate coverage amount and guide you in maki...
If you aren’t sure whether a TFSA or RRSP is right for your needs, it might be worth consideringother RSP optionsor consulting a professionalfinancial advisor. Frequently asked questions Can I contribute to both an RRSP and a TFSA?
Rules for consultants.Generally, consultants who receive fees for their services are considered to be self-employed. The rules, however, are less clear for retirees who receive consulting fees exclusively from their former employers. In fact, the courts are split as to whether such a person is ...
It’s essential to keep accurate records and report any airdropped coins on tax returns, and consulting with a tax professional or using crypto tax software can help ensure compliance with IRS guidelines. ⚡️Taxable Event Receiving free digital tokens through promotional offerings can result in...
In general, expense reporting needs to follow these requirements to be non-taxable: Expenses must be business-related Expenses must be reported in a timely fashion Any excess reimbursements should be returned to the employer So, if an employee waits too long to submit an expense report or is ...
Understanding these risks can help you decide whether debt settlement is the right solution for your financial challenges. Weigh the potential drawbacks against your goals and consider consulting a financial advisor or credit counselor for guidance. ...
Seeking professional advice: Consulting with a financial advisor can guide you in selecting a fund based on a broad understanding of your portfolio and ensure your choice aligns with your overall financial goals. Investors in index funds can often benefit from professional guidance, despite index fund...
Not all retirement distributions are taxable, however. Consult a tax professional if you're unsure whether you should pay taxes on a distribution. 1099-B A1099-Blists various transactions from a broker such as the sale of stocks, commodities, and other securities. Some types ofbarteringtransactio...