Even with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across many industries. If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss also may require attention. Here
Running a business requires juggling countless responsibilities. Not surprisingly, bookkeeping tasks often end up on the bottom of to-do lists. The good news is that falling behind doesn’t necessarily mean your financial records are beyond repair. With a disciplined approach and the right support, you can regain control. Recognize the issue Many business owners don’t
Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the parent’s higher tax rate. The purpose of
Strategic planning isn’t meant to be a one-time exercise. Your plan should evolve with your business — and the environment in which it operates. Regular reviews help ensure your business remains focused on the right priorities and positioned to take advantage of new opportunities. Even if you can’t find time for extensive “big picture” thinking,
If you participate in a company 401(k) plan, you already know that you can make pre-tax contributions up to the annual elective deferral limit to a traditional, tax-deferred account. If your 401(k) plan offers a Roth option, you can use part or all of your limit to make after-tax contributions to a Roth account instead.
Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because scammers continually change tactics to steal personal and financial information. IRS impersonation scams First
Ahh, summer! You’re probably looking forward to time off from work — anything from a long-anticipated trip abroad to a U.S. road trip to a “staycation,” where you might enjoy reading a good book with an iced drink in your own backyard. But not everyone takes a summer vacation. In fact, several studies say that
Whether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your overall tax situation. A variety
Given the many potential threats to your business’s assets, cash flow and human resources, which types of insurance products and how much coverage do you need? Some organizations pay for policies that don’t make sense based on their industry or operations. Others have inadequate coverage where risk may be significant. What about your business? It
Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability — either too much or too little was withheld from their paychecks. A small difference is to be expected, but withholding that’s significantly off target can have negative consequences. Overwithholding reduces the amount available to you
