Timely Opportunities
Timely Opportunities
Timely Opportunities
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 […]
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Tax Planning Can Reduce Adoption Costs
Adoptions plummeted during the COVID pandemic, but the adoption rate is slowly rebounding. If you’re among those considering adopting a child, you need to know about the various tax breaks that can make the experience more affordable. Primary Tax Incentives How Much Does Adoption Cost? The average cost of adopting a child in the United […]
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New Tax Law Improves QCD Benefits
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances […]
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The ABCs of the Dependent Care Credit
Do you pay someone to watch your young child (or another qualifying dependent) while you’re at work? You may be entitled to claim the dependent care credit on the 2022 return you must file by April 18. But be aware: Recent enhancements provided under the American Rescue Plan Act (ARPA) expired at the end of […]
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Key SECURE 2.0 Provisions for Employers
The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) includes important changes that will affect employer-sponsored retirement plans and self-employed people looking to save for retirement. Here’s an overview of key provisions for small business owners who currently offer a retirement plan — or want to add retirement saving benefits in the […]
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Should You Take Out a Loan to Fund Your Small Business?
If you need cash to operate and grow your small business, you have two options: debt and equity financing. Some business owners take on excessive debt because they won’t relinquish control to investors. But others have the reverse problem — they refuse to apply for a commercial loan even though doing so would make good […]
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Casualty Losses: How to Claim Deductions and Avoid Pitfalls
Every year, the United States experiences natural and manmade disasters, ranging from hurricanes and earthquakes to wildfires and electrical grid failure. If you’re unlucky enough to suffer a disaster-related loss, you’ll need to understand the federal income tax rules to determine whether you’re eligible for a casualty loss deduction. Personal Casualty Loss Deduction Basics You […]
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5 Tips to Help Prepare for a Possible Layoff
The threat of a recession has persisted for over a year. With this uncertainty, many businesses may be considering layoffs. If you’re seeing clues that your employer might slash jobs and you’re worried about being on the firing line, it’s smart to prepare. Here are five personal finance tips you can use … just in […]
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