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Anthem Strategy and Advisory by DPW
Anthem Strategy and Advisory by DPW

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Differences Between a W-2 and 1099 for NIL Athletes

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As a Name, Image, and Likeness (NIL) athlete, understanding how you’re paid—and taxed—is crucial. Whether you receive a W-2 or 1099 significantly impacts your taxes and financial responsibilities. Here’s a breakdown of the differences: What is a W-2? A W-2 is issued if you’re classified as an employee of the organization paying you. What is a 1099? A 1099-NEC is issued if you’re classified as […]

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Tax-Smart Giving: Helping California Wildfire Victims While Earning Tax Breaks

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California wildfires leave devastation in their wake, but with generosity and smart planning, you can aid victims while earning federal income tax savings. Here’s a breakdown of how to maximize your charitable impact while staying IRS-compliant. 1. Donate to IRS-Recognized Charities To qualify for a federal income tax deduction, your donations must go to an IRS-recognized Section

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When Do I Get My Tax Refund? A Guide for Individuals and Businesses

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Tax season often brings a common question: When will I receive my tax refund? Whether you’re filing as an individual or a business, the timeline depends on a variety of factors, from how you file to the complexity of your return. Here’s what you need to know: Tax Refund Timeline for Individuals E-Filing with Direct Deposit Paper

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Succession Planning for Farmers in Oregon: A Guide to Secure Your Legacy

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Succession planning is crucial for farmers in Oregon, ensuring the continuity of your agricultural business for future generations. Without a proper plan, family disputes, tax burdens, and operational uncertainties can jeopardize your farm’s future. Here’s a concise guide to help farmers in Oregon prepare for a seamless transition. Why Succession Planning Matters Steps in Succession

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How Do I Avoid Capital Gains Tax When Selling a Rental Property?

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Selling a rental property can be profitable, but it often comes with the burden of capital gains tax. Fortunately, there are strategies to minimize or even eliminate this tax. Below are some effective methods to consider: **1. 1031 Exchange Utilize a 1031 Exchange, a provision under the Internal Revenue Code, to defer capital gains taxes by reinvesting

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What Are the Tax Implications of Selling a Home or Rental Property?

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Selling your home or rental property can be a significant financial decision. Understanding the tax implications is essential to ensure compliance and optimize your tax outcomes. Here’s a concise overview to guide you through this process. 1. Primary Residence vs. Rental Property 2. Calculating Capital Gains 3. Exemptions and Deductions 4. Reporting Requirements 5. State

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What are K1s?

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K1s, officially known as Schedule K-1 forms, play a crucial role in the realm of taxation for certain types of businesses and investments. Understanding K1s is vital for stakeholders in partnerships, S corporations, trusts, and estates. This guide will provide a clear, concise overview of what K1s are and why they matter. Understanding K1s Schedule

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What are Personal Property Taxes?

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Personal property taxes are levied by local governments on certain personal assets. Understanding these taxes is crucial for effective financial planning and compliance. Here’s a breakdown of what you need to know: Understanding Personal Property Taxes Types of Taxable Personal Properties How Personal Property Taxes are Calculated Exemptions and Deductions Filing and Payment Process Overall…

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