Retirement/Investments

 

This year—2022—has been a tough time for profits in securities, realty, and other assets. Tax rules may allow for write-offs, but not in all situations. Here are 5 things to know. 1. Capital lo...

As of September 2022, there were over 70 million Social Security beneficiaries, of which more than 52 million were seniors age 65 and older. Benefits for these individuals will change in 2023 and the ...

Electric vehicles (EVs) aren’t new; they debuted in 2008 and retail sales blossomed with the release of the Nissan Leaf and Chevy Volt in 2010. The Energy Improvement and Extension Act of 2008 creat...

IRAs can provide financial security for your retirement if you make contributions and invest your money wisely. However, the tax law has some restrictions in IRA investments. If you do not keep within...

Bitcoin, Ethereum, and other cryptocurrencies are mainstream. Whether you call cryptocurrency by another name—virtual currency, digital assets—you can now use them to pay for various consumer prod...

As wages pick up and the Federal Reserve tapers down (it buys fewer Treasuries), the rate of inflation has climbed to levels not seen in many years. The consumer price index was up 5.4% for the 12 mon...

According to the Social Security Administration, as of June 2021, there were a total of nearly 70 million people receiving Social Security benefits. These include individuals receiving retirement bene...

If you are an owner of an IRA or you inherited an IRA, you must take required minimum distributions (RMDs) according to tax rules. The failure to do so may result in a 50% penalty. Because of COVID-19...

The deadline for filing your 2020 federal income tax return is April 15, 2021, but it’s not too soon to recognize what payments you received in 2020 that have to be included in gross income. As a ge...

It has long been solid general tax advice to defer income so that it becomes taxed in a future year. However, 2020 is a year like no other and standard tax advice does not apply to all individuals. If...

As a result of COVID-19, required minimum distributions (RMDs) have been suspended for 2020. The IRS has provided guidance on how to deal with this suspension (Notice 2020-51). Here are some of the ra...

Tax legislation—the SECURE Act in December 2019 and the CARES Act in March 2020—each contain rules impacting IRAs. Because of law changes, there is much confusion about what to do with these accou...

The worldwide pandemic—Covid-19—has changed everything…taxes included. Congress has enacted a new law (Families First Coronavirus Response Act, H.R. 6201, or “the Act”), to provide economic ...

The SECURE Act made some major changes in retirement plans and IRAs. It also has left many unanswered tax questions. There continues to be many that still lack clarity because the IRS has not addresse...

As part of a massive year-end domestic spending package, called the Further Consolidated Appropriations Act, 2020 (H.R. 1865), numerous changes were made to retirement plans and IRAs. These changes we...

The year is winding down but there’s still time to take certain actions that can lower your tax bill for 2019. Here are 10 things you can still do: 1. Review withholding and estimated taxes I...

Fall is the time of year to choose the employee benefits you want for the following year from the options provided to you by your employer. In making your choices for 2020, understand what these optio...

Employees cannot deduct most business-related expenses because they are miscellaneous itemized deductions subject to the 2%-of-adjusted gross income (AGI) floor and this write off has been suspended t...

Not every type of income you get is taxable on your Form 1040. The law allows you to receive various types of income without having to pay tax on them. For example, any type of income effectively beco...

We’ve all heard about the numerous tax changes created by enactment of the Tax Cuts and Jobs Act. Many are exciting and can help lower your tax bill. But that law did not make changes to many tried ...

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