WHAT DOES THE INFLATION REDUCTION ACT MEAN TO YOU?
Article Highlights:Increased Internal Revenue Service (IRS) FundingDrug PricingAffordable Care Act Insurance PremiumsCorporate Minimum TaxExcise Tax on Corporate Stock BuybacksHome Solar Energy Credit Extended and IncreasedCredit For Energy Efficient Home ModificationsClean Vehicle CreditCredit For Previously Owned Clean VehiclesCredit For Qualified Commercial Clean VehiclesResearch CreditOn August 16,...
TAKE TAX ADVANTAGE OF A LOW-INCOME YEAR
Article Highlights:Exercise Stock OptionsConvert a Traditional IRA to a Roth IRAMaximize IRA DistributionsSell Appreciated StockDelay Business ExpendituresRelease DependencyDelay Personal Deductible ExpendituresPeople generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and...
NOT ALL INTEREST IS DEDUCTIBLE FOR TAXES
Article Highlights:Interest CategoriesCategory DeductibilityInterest Tracing RulesA frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary,...
WHAT IS A REQUIRED MINIMUM DISTRIBUTION?
Article Highlights:Required Minimum DistributionsWhen the Distributions Must BeginRMD Distribution TablesFiguring the Amount of the DistributionBeneficiary Distribution RulesSurviving SpouseEligible Designated BeneficiariesAccount Owner’s Minor ChildOther BeneficiariesTen Year RulePending LegislationRequired minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional IRAs, but...
WILL YOUR RETIREMENT INCOME BE ENOUGH?
Article Highlights:States With No Income TaxSocial Security BenefitsRoth IRA Retirement AccountTraditional IRA Retirement AccountSpousal IRABack-Door Roth IRASaver’s CreditEmployer PensionsEmployee Funded Retirement PlansHealth Savings AccountsBrokerage AccountsMunicipal Bonds InvestmentsHome Equity & Gain ExclusionReverse MortgageWhole Life Insurance Cash ValueThat is an important question because the actual money you...
Do You Know The August 2022 Business Tax Due Dates?
August 1 - Social Security, Medicare, and Withheld Income TaxFile Form 941 for the second quarter of 2022. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with...
TAX BENEFITS FOR PEOPLE WITH DISABILITIES
Article Highlights:ABLE AccountsDisabled Spouse or Dependent Care CreditMedical DeductionsHome ModificationsSpecial SchoolingNursing ServicesImpairment-related Work ExpensesIndividuals with disabilities, as well as parents of disabled children, are eligible for several income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows...
STEPS YOU CAN TAKE TO GROW YOUR BUSINESS TO THE NEXT LEVEL
For small business owners, in particular, growing a business has always been something of a challenge. On the one hand, you don't want to grow too quickly - doing so can significantly damage the trajectory that you've set out on. But at the same time,...
DO YOU WANT TO GROW YOUR BUSINESS WITH MINIMAL INVESTMENT? HERE’S HOW YOU DO IT…
With a potential recession on the horizon, most small businesses, in particular, are looking for avenues to cut costs wherever they can. However, that doesn't mean that your business can't still grow - you just have to be savvy about how you do it.With that...
DO YOU WANT TO MAKE THE INC. 5000 ANNUAL LIST OF THE FASTEST-GROWING COMPANIES? HERE’S HOW…
Originally launched in 1979 and based out of Manhattan, Inc. is one of the most famous magazines in existence that celebrates what it means to be an entrepreneur. The print edition has an estimated circulation of about 1.4 million copies, while the online page -...