Business Valuation Issues in Divorce
In a divorce, when either or both spouses own a closely held business, the dissolution of the marriage becomes more complex. There are several questions to consider: Should the couple [...]
New Tax Law Improves QCD Benefits
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in [...]
Can a Modest-Income Elderly Person Stop Filing Tax Returns?
As you know, we spend a lot of time in this e-newsletter talking about tax return filing responsibilities. But not everyone is required to file. If a person's income [...]
Get a Head Start on College Savings
The Brookings Institution estimates parents will spend about $310,605 to raise a child born in 2015 until the age of 17. This figure is adjusted for future projected inflation but [...]
There Still May Be Time to Make An IRA Contribution For Last Year
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re [...]
Your 2022 Tax Bill May Ring in Higher
It's that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are [...]
Child Tax Credit: The Rules Keep Changing But It’s Still Valuable
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six [...]
Tax Planning Can Reduce Adoption Costs
Adoptions plummeted during the COVID pandemic, but the adoption rate is slowly rebounding. If you're among those considering adopting a child, you need to know about the various tax breaks that [...]
Have employees who receive tips? Here are the tax implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers [...]
Tax-Saving Ways to Help Pay for College — Once Your Child Starts Attending
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as [...]
Employers Should Be Wary of ERC Claims That Are Too Good to Be True
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is [...]
Why You Might Want to File Early and Answers to Other Tax Season Questions
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even [...]
SECURE 2.0 Law May Make You More Secure in Retirement
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every [...]
Looking Ahead: 2023 Minimum Wage and Overtime Threshold Increases
In 2023, many states and localities will increase their minimum wage amounts. In some areas, the amounts paid to tipped employees may also increase and overtime salary thresholds may also [...]
Renting to a Relative? Watch Out For Tax Traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting [...]