Timely Opportunities
Timely Opportunities
Timely Opportunities
Are Your Social Security Benefits Taxable?
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits for some recipients. The Social Security Administration (SSA) estimates that more than […]
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Choosing the Best Employer Health Plan Takes Time
Even though many employees say their employers offer more than one health plan option, a recent survey by the Employee Benefit Research Institute (EBRI) found that most enrollees spent less than an hour making their selections. The survey was conducted during the 2022 open enrollment season, questioning 2,015 employees, ages 21 to 64. Other […]
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How Newlyweds Can Maximize the Home Sale Gain Exclusion
Whether you’re getting married for the first or fifth time, it’s common for one spouse (or both) to come into the union with homes that they’ve owned for a while. And that premarital home could have amassed a significant capital gain over time. Selling Before You Say, “I Do” It’s common to sell a home […]
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Are You Using the Right Accounting Method for Your Business?
The accounting method you currently use for your small business may no longer be appropriate due to changes in market conditions or within your company. The IRS generally allows taxpayers to change their method, but you need to consider several factors — related to both accounting and taxes — to determine which method best suits […]
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Rising Rates Add to the Appeal of CRTs
If you’re philanthropically inclined, have you considered establishing a charitable remainder trust (CRT)? These irrevocable trusts provide a variety of tax and financial perks. Plus, unlike some other tax planning tools and strategies, CRTs can benefit from today’s rising interest rates. How CRTs Work Beware of CRAT Scams The IRS has warned taxpayers that CRATs […]
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5 Employers Found to Violate Federal Labor Laws and Regulations
The U.S. Department of Labor’s Wage and Hour Division (WHD) recently issued news releases announcing actions taken against five companies that were investigated for various violations of laws and regulations. The cases involve violations of wage, overtime, tip, meal break, recordkeeping, temporary visa and other rules. Case 1: Specialty Grocery Store Must Pay Workers Overtime […]
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Do You Owe SE Tax on Home Rental Income?
If you rent out a second home — or part of your main residence — you may be unclear about whether you need to pay self-employment (SE) tax on your net rental income. In fact, the federal tax rules on this topic are somewhat confusing. The IRS recently published guidance on this issue that may […]
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Resist the Urge to Purge after Filing Your 2022 Tax Return
The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the later of: 1) the due date for your tax return or 2) the date on which you file your taxes. While the general rule for retaining federal tax records is three years, it’s often prudent […]
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