The stock markets have experienced significant volatility over the last year, causing many investors to realize some significant gains – and incur some significant losses. This extreme volatility is expected to continue through the end of 2023. How will stock trades affect your federal income taxes? Here’s what investors should know about reporting gains and
Are you up to date on the latest that has been filed, so you can focus your efforts on reducing its 2023 tax liability? What are the top tax-saving opportunities available to manufacturers this year? Here are seven prime candidates available for many companies: 1. Section 179 deduction. The Sec. 179 “expensing” deduction continues to
Seniors who must take withdrawals from their IRA 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
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
Every year, the United States experiences natural and manmade disasters, ranging from hurricanes and earthquakes to wildfires and electrical grid failure. If you’re unlucky enough to suffer a disaster-related loss, you’ll need to understand the federal income tax rules to determine whether you’re eligible for a casualty loss deduction. Personal Casualty Loss Deduction Basics You
After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the SECURE Act of 2019 and contains major changes in the required minimum distribution (RMD) rules and other retirement provisions. Here are five major taxpayer-friendly changes that
Debtors typically experience a feeling of relief when a creditor agrees to forgive their debt. But that feeling often is replaced by shock and confusion when they learn they owe taxes on so-called “cancellation of debt” (COD) income. Read on to learn the tax rules for COD income and how they might affect your tax situation.
Medicare health insurance premiums can add up — especially if you’re upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on your tax return. Important: If you have a health savings
Competition for top-notch workers can be fierce. Your business currently may be understaffed due to a number of factors – including the “Great Resignation” and “quiet quitting” where employees do the bare minimum before eventually leaving. A proven way to help attract and retain the cream of the crop is to expand or enhance your company’s
Equity-based compensation often is associated with startup companies. But businesses in a cash crunch also might consider such awards in lieu of year-end cash bonuses. In addition to recognizing high performance, stock options and other types of equity-based compensation can boost retention. Before you jump in headfirst, it’s important to understand the different types of awards
