Article Highlights: Rough Year for the Stock Market Year End Approaching Annual Capital Losses Are Limited Be Aware of Wash Sale Rules Off-Set Short-Term Gains with Long-Term Capital Losses Planning for Zero Tax on Long-Term Capital Gains Converting a Traditional IRA to a Roth It’s been a rough Fall for the stock market. So much […]
Article Highlights: Benefits Sunsetting After 2021 Benefits Sunsetting After 2022 Not Needing to File May Be an Opportunity Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Roth IRA Conversions Avoid Required Minimum Distribution (RMD) Penalties Recognizing Capital Losses Take Advantage of the Zero Capital Gains Tax Rate Make Business […]
Here are seven ways you can be safe, compliant, and productive when you’re using QuickBooks Online. “Best practices” is a phrase that human resources professionals have been using for decades. But every type of profession has its own best practices, whether they call it that or not. These guidelines are not enforceable rules, though some […]
Carrying long-term debt is a challenge, but when the money is owed to the government and you see no way to pay what you owe, it can be psychologically and emotionally debilitating. Some people think they can turn to bankruptcy, but that is not the case – bankruptcy specifically will not discharge tax debts. One […]
There was once a time when the only people who used the word “gig” were musicians chatting about a booking. Today, virtually every newspaper and magazine features the booming gig economy — or how to make the most of it — on a regular basis. Though the term generally refers to people who have taken […]
Article Highlights: Stock Markets Downward Slide Traditional IRA to a Roth IRA Conversions Younger Individuals Here Is How It Works Marginal Tax Rates Example When Using the Marginal Table Conversions Cannot Be Undone. Non-deductible Traditional IRA Contributions If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the […]
Article Highlights: American Rescue Plan Act 2021 Enhanced Child Tax Credit Credit Phaseout Advance Payments TIGTA Report Millions Entitled to But Did Not Receive the Credit Credit Still Available to Those That Qualify The American Rescue Plan Act of 2021, also referred to as the COVID-19 Stimulus Package or ARPA, was a $1.9 trillion bill […]
November 2022 Individual Due Dates November 10 – Report Tips to Employee If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA […]
According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you’re younger, let it be that one. Similarly, you need […]
Article Highlights: Contractor Developer Credit Retroactive Extension to 2022 Increased Credit 2023 through 2032 Prevailing Wage Requirements Qualifications Qualifying Residential Projects Non-Refundable Credit Basis Adjustment As part of the Inflation Reduction Act, passed in August 2022, modifying Internal Revenue Code Sec. 45L, contractors will benefit from the increased tax credit for building Energy Efficient New […]