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.

It's Thursday! Let's talk  TAXES …  Trump (investment) accounts  are a new type of  tax-advantaged account  for young children that will launch next year. If you’re a parent of a kid under 18 years of age (SS # required) you can elect to open and activate a  Trump account . You’ll need to either file a new  Form 4547  or sign-up through an online government portal that will be ready in mid-2026. The U.S. government will contribute  $1,000  to each  Trump account  set up for c

It's Thursday! Let's talk TAXES … Although the longest US government shutdown in history is over, the deal reached ONLY keeps everything open until Jan. 31. If Congress can’t agree to fund the government past that date, we’ll have another shutdown starting on February 1st. The biggest sticking point will be health care, especially the Obamacare subsidies that will go away beginning in 2026. What does this mean? That unless Congress takes action, only people with modified adju