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Timely Opportunities

FAQs on LTC Insurance and Your Taxes

If you or a loved one needs long-term care (LTC) services, there are insurance products that can help cover the cost. As an additional incentive, qualified LTC policies deliver some tax advantages. For LTC policies, “qualified” means that a policy is offered by an insurance company licensed in your state and includes certain federal tax […]
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How Much FDIC Coverage Do You Have?

In early March, Silicon Valley Bank (SVB) and Signature Bank unexpectedly collapsed. They became the second and third largest bank failures in U.S. history, respectively. The largest collapse involved Washington Mutual in 2008, precipitating the Great Recession. (See “Two Banks Collapse in One Week” at right.) The recent regional bank failures have caused many individual […]
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Workouts: A Practical Alternative to Formal Bankruptcy Proceedings

Is your company teetering on the edge of bankruptcy? In the wake of the pandemic, many small businesses are suffering financial distress from inflation, labor shortages, rising interest rates, tighter credit and continued economic uncertainty. If your company is having trouble making ends meet, it may be time to devise a workout plan to avoid […]
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Update on Deducting Business Meal and Entertainment Expenses

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you’re confused about what rules currently apply, you’re not alone. Here’s a refresher on what’s currently deductible — and what’s not. TCJA Impact Before the Tax Cuts and Jobs Act (TCJA) went into effect, […]
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How to Prepare for Potential Layoffs

There’s some sobering news amid other encouraging recent employment data that may take you by surprise in this tight labor market. After all, “now hiring” signs are everywhere, and some sources paint a picture of a historically strong jobs market. Even so, within the past year, Google, Amazon, Microsoft and other major tech companies have […]
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Investors: Know the Basics of Basis Before You Sell

If you’re thinking about selling stocks, mutual funds or other investments, you need to first familiarize yourself with the cost basis rules and their implications for your tax bill. Learning the rules may help you significantly reduce the amount of capital gains that will be subject to taxation as a result of the sale. Why […]
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Should You Extend Your 2022 Tax Return?

In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. The IRS published additional guidance to resolve this issue […]
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Top 3 Federal Tax Law Changes that Could Affect Your Business Return

Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don’t have to contend with sweeping changes for 2022. But there are three major ones that could affect business taxpayers as they file federal income tax returns this year for 2022. 1. Reduced […]
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Watch Out for Phishing Scams

The proliferation of phishing scams continues. Here are some new fraud schemes you should look out for, as well as twists on well-known varieties that have worked in the past. Staying Safe How can you protect yourself against phishing scams? There’s no foolproof method, but some common sense helps. Consider these five helpful hints. Be […]
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Warning: 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 generally unfavorable to many individual taxpayers. That means that you may owe more than you have in recent years. The reason is that many of […]