Suppose that your uncle loans you money, but later tells you not to worry about paying him back? Or suppose that you take a business loan, but the lender eventually gives up on trying to collect and tells you that your debt is forgiven? Can either one somehow be taxed? Yes, they can. With the [...]
For South Carolinians who wait until the last minute to file their taxes, don’t worry — you have a lot more time this year. South Carolina taxpayers have until May 1 to file both their federal and state taxes this year. The typical deadline to file is April 15. The IRS announced the extension late [...]
Most Lawsuit Settlements Are Taxed By IRS, But Some Are Capital Gain Robert W. Wood Senior Contributor Robert W. Wood is a tax lawyer focusing on taxes and litigation. March 26, 2025 The IRS taxes most lawsuit settlements, and exact wording matters if you are trying to avoid that grim result. However, some settlements can [...]
At a press conference on March 25, state legislative leadership including Speaker of the South Carolina House of Representatives Murrell Smith, Senate President Thomas Alexander, Senate Finance Chairman Harvey Peeler, House Ways and Means Chairman Bruce Bannister, and Americans for Tax Reform President Grover Norquist, joined Governor Henry McMaster to announce proposed state income tax [...]
The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information. Ranging from email schemes to misleading tax credits, many of the Dirty Dozen items peak during filing season as [...]
Medicare's annual open enrollment period recently drew to a close. The average senior had more than 40 plans to choose from in 2024. Many enlisted the help of licensed Medicare agents to navigate the process and compare options. Unfortunately, expert advice may be in short supply during the next open enrollment period. Insurers are moving to deprive seniors [...]
In today’s fast-paced work environment, burnout has become a common issue affecting employees across all industries. Whether you’re working a high-stress job, juggling multiple responsibilities, or feeling overwhelmed by unrealistic expectations, burnout can creep in and take a toll on your mental, emotional, and physical health. If left unchecked, burnout can lead to exhaustion, reduced [...]
In today’s fast-paced work environment, burnout has become a common issue affecting employees across all industries. Whether you’re working a high-stress job, juggling multiple responsibilities, or feeling overwhelmed by unrealistic expectations, burnout can creep in and take a toll on your mental, emotional, and physical health. If left unchecked, burnout can lead to [...]
In today’s increasingly digital age, title and deed fraud has become a growing threat to homeowners. Criminals are exploiting vulnerabilities in real estate records, scamming unsuspecting property owners, and stealing homes right from under them. This alarming trend affects both seasoned homeowners and first-time buyers. Being informed and vigilant can help you safeguard your property [...]
Don’t wait until tax time in April; arrange tax savings before year-end. Learn about deferring income, accelerating deductions, tax-loss selling, avoiding wash sale losses, paying estimated taxes, S-Corp payroll with health and retirement benefits, SALT cap workaround strategies for pass-through entities, and other tax-saving strategies. Tax planning for traders at year-end 2024 should be similar [...]