There are big moments in everyone’s life. A new birth is one of them. The irony is that most life events also have tax consequences attached to them. When a new member is added to your family or someone you know, here are some tips to consider. Get A Social Security Number. Obtain a Social Security […]
If you are eligible for the Premium Tax Credit you can decide to take it now based on your estimated income or take it later when you file your tax return. Who does this impact and what should you do? What is the Credit and who is eligible? Topline: If you have health insurance available from […]
Con artists have honed their skills in an effort to turn your cruise ship vacation into a nightmare. Before you even step foot on a ship, a smooth talking scammer may entice you into accepting a “limited time offer” for a “free” cruise. If you respond to the solicitation, you may find that the “free” […]
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new legislation. Stimulus checks. Qualifying individuals will receive an economic impact payment of $1,400 ($2,800 for married taxpayers filing jointly) plus $1,400 for each dependent. […]
Contrary to the over-the-top claims published online, in infomercials and in advertisements nailed to telephone poles, working at home doesn’t build wealth any faster than working in an office or on the factory floor. In fact, startup businesses (including those located in your home) require a great deal of time, work and investment. So how […]
Vacation time is fast approaching, and con artists are gearing up. Beware of these four indicators that a travel “deal” is actually a rip-off: You can be a travel agent. A fraudster promises free trips and discounted hotel rates if you become a travel agent. They may even send course materials (for a fee, of course). […]
A surprise tax break for 2020 was passed into law in March of 2021. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others. Background Unemployment compensation was received by millions of Americans […]
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new legislation. Stimulus checks. Qualifying individuals will receive an economic impact payment of $1,400 ($2,800 for married taxpayers filing jointly) plus $1,400 for each dependent. […]
Gambling winnings. If you receive a tax form at a casino for your winnings, that information is sent to the tax authorities. Since the form typically only contains the amount you won, save copies and records of any gambling losses. Do not file your tax return without discussing this. Maturing CDs. Be careful with maturing CD’s in […]
Every year thousands of taxpayers are hit with a heavy 50 percent penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does not happen to you or someone you know. Who is subject to Required Minimum Distribution (RMD) rules? Anyone who participates in a […]
