How the Child Tax Credit will affect divorced and separated parents There are a lot of questions about this year's advance child tax credit for divorced, separated, and unwed parents who share custody. The IRS has specific rules that are different from prior years, including which households...
If you’re like many Americans, you may have tax returns from a decade ago languishing in your filing cabinet. But you don’t need to hold on to tax documents for as long as you might think. In almost all cases, you can shred or throw away...
Before the tax-savings wonder that is the health savings account (HSA) was introduced in 2003, it was a generally accepted best practice for any worker who wasn't already collecting Social Security at the age of 65 to go ahead and sign up for Medicare Part...
Businesses may be able to convert 2020’s red ink into cash with coronavirus tax breaks. KEY POINTS Business owners incur net operating losses when their tax deductions exceed income in a given year. Generally, these losses can offset future income. The CARES Act allows taxpayers to...
So what should CPAs be doing now? The wise course is to begin preparing the forgiveness application and stay on top of documentation requirements but also be patient with the process as substantial areas are settled. To help you explain the current situation to business...
With a home office, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners of a partnership interest. For...
Most Millennials have fairly straightforward finances now, but that's poised to change. As Baby Boomers retire at the rate of 10,000 per day, members of younger generations are stepping forward to succeed them. More than one-third of the U.S. labor force is composed of Millennials,...
Tax diversification is the practice of saving for retirement through a variety of retirement vehicles with different tax treatments. Instead of putting all your eggs in one basket, you spread your savings out among types of accounts to minimize your tax bill as much as...
My father died and I am the executor. What do I do? When this question gets asked of me, my client is typically in a panic. I do not know of many who relish the job of executor, no matter how prepared you may be. Family...
There’s still time to shave a few bucks off your 2019 tax bill — if you act quickly. The 2018 tax season came with harsh lessons for some taxpayers who didn’t properly adjust their plans for the Tax Cuts and Jobs Act. This overhaul of the tax...