Your gold watch, sparkling gems, and ETFs have tax implications in common. It's Thursday! Let's talk TAXES …  In recent years, there has been significant interest in physical gold and other precious metals. If you're an investor who has embraced the precious metal trend, it's important to know that US tax law categorizes holdings in precious metals as "collectibles". This classification applies whether you hold coins, bars, or even ETFs . When you decide to sell, your gain (o

Death and Taxes are inevitable, right?... Not always. Although your wages, royalties, commissions, and part of Social Security benefits are taxable, today I cover 3 types of income which the IRS can’t touch.   Financial gifts If you gift “too much” (i.e. above an IRS gifting limit) you will need to pay some taxes. But the tax limit for gifts in 2026 is relatively high ( $19,000 ), which means you can give up to $19k to each friend, family member, or anyone else and not be ta

It's Thursday! Let's talk TAXES …  Many seniors receive monthly Social Security in the US. People owe tax on their SS benefits depending on their provisional income (PI). PI is the sum of the following: tax-exempt interest 50% of Social Security benefits, and other income items from adjusted gross income (AGI) For joint filers whose PI exceeds $44,000  ($34k for singles), up to 85%  of social security benefits are taxed. Most senior clients at Next Pronto  are in this cohort.