After a robust job market over the last few years, layoffs are now on the rise. Through November 2023, employers have announced nearly 690,000 job cuts this year, an increase of 115% over the same period last year, according to outplacement firm Challenger, Gray & Christmas. This is the highest January-through-November total since 2020. Prior to…Read More
Beware of the Wash Sale Rule When Harvesting Tax Losses If you lose money on a stock investment in a taxable brokerage firm account, the good news is that you can usually harvest a tax-saving capital loss deduction by selling that stock before year end. However, the wash sale rule might come into play, causing your…Read More
Update on New Retirement Account Catch-Up Contribution Rules The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in late 2019. Congress followed up with the SECURE 2.0 Act in late 2022. This law introduced some additional taxpayer-friendly changes, including an increase in the limits for…Read More
Federal Tax Obligations When a Business Shuts Down Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have various responsibilities to meet as you wind down, including some tax and legal obligations. Income Tax Requirements…Read More
Estate Planning Isn’t Just for the Wealthy Thanks to today’s favorable federal gift and estate tax rules, most people haven’t amassed enough wealth to worry about federal estate taxes. However, even if you haven’t had the good fortune to win the lotto or inherit millions from a wealthy relative, you still need an estate plan to…Read More
Despite its name, the “kiddie tax” is anything but child’s play. If you’re not careful, this provision of the tax code can result in children having to pay significant extra tax dollars on their investment income. But your family may be able to downsize the kiddie tax for 2023 by making the right tax moves before…Read More
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 these…Read More
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