Author: Andrew Magee

Andrew is a financial professional located in North Carolina within the United States. Since 2016, his work and passion has been helping others make sense of the financial landscape of the 21st century. He is a licensed Enrolled Agent with the IRS. You can check out all the goods & services he offers at
How to Properly Report Downpayment Assistance
I recently had a situation where an individual had bought their first house and took out their mortgage through Bank of America. The loan required a 3% down payment, but Bank of America granted her the funds to cover the 3%, meaning she didn’t actually have to put anything down on the mortgage. When looking into this, I found that no down payment for first-time homebuyers is becoming common. In recent decades, a large portion of the state and city governments in the country have instituted their own down payment assistance programs that first-time homebuyers can apply for. In many
Which State Do I File a Tax Return In?
One of the most common reasons taxpayers seek out professional tax help surrounds the uncertainty of which state or state(s) they need to file in, and how to fill out those returns. The federal tax return is the same no matter where you are located, but each state return is unique with its own tax system that consists of different rules, calculation methods, and deductions. Advances in technology and an increasing popularity in remote work has thrown new wrinkles into the system. There are many avenues to explore with state taxation, but what I will focus on today is the
Taxation Overview of Bank & Credit Card Rewards
Banking rewards, such as cash-back offers, points, and miles, have become a common incentive offered by banks and credit card issuers to attract and retain customers. However, the tax implications surrounding these programs often leads to confusion. So let’s look at a handful of common programs and discuss the tax status surrounding each. The 5 most common types of reward programs are: Credit Card Spending BonusesCredit Card Spending RewardsFrequent Flyer MilesBank Account Sign-Up BonusesReferral Bonuses It’s important to point out that there is not a lot of official guidance on the proper tax treatment for some of these items. This
An Overview of Sales & Use Tax
What is it? Sales and use tax is a form of tax that is imposed by both state and local governments on the sale or use of goods and services. Sales tax is assessed by the state or local government to the seller and is a certain percentage of the sale. This percentage varies by state and locality. The sales tax is usually passed on to the buyer, resulting in the buyer paying the tax. When the states first enacted their sales taxes, the tax was imposed only on in-state sales.  There was no use tax.  As businesses began to
Introduction to Stock Options
What is an Option? A financial option is a contractual agreement between two parties, whereby the buyer of the option is granted the right, but not the obligation, to purchase or sell an asset at a pre-determined price (referred to as the strike price), during a specified period of time. The underlying asset can be a stock, bond, commodity, currency, or any other financial instrument. The contract typically represent 100 shares of the asset. Every option contract has a price that frequently changes based on three things: The price of the underlying asset (referred to as Delta)The time left on
A Guide To Traditional IRA’s & Roth IRA’s
When it comes to financial advice, investing in an IRA is often recommended but rarely understood. We’re going to solve that problem today by exploring two of the most common IRA’s: a Traditional IRA and a Roth IRA. We’ll delve into what the benefits of each are, their respective rules, and what can and cannot be done in them. By the end of this article, I hope you’ll have a better understanding of what an IRA is. After reading, if you feel an IRA might be right for you, I’ll invite you to reach out and we can get you
How-To Guide for Launching a Blog the Right Way
There are tons of people who desire to start their own blog but just don't know how to go about it. They might google it, and the results will return one of these all-in-one services like Wix or Squarespace. They'll require them to spend days building their website with a drag-and-drop builder, and then charge hundreds of dollars every year to keep it up and running. Instead of going down that rabbit hole, I'm going to walk through how you can set up a website like the pros do. This way will be cheaper and quicker than the all-in-one sites,
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