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 the…
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 States is…
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 these…
