The Employee Retention Credit – Work with your CPA/Financial Advisor
8/8/2023 The Employee Retention Credit – Work with your CPA/Financial Advisor Small businesses and tax-exempt organizations should avoid dealing with individuals promising big money returns with the Federal Employee Retention Credit. According to IRS regulations, the only way to claim the Employee Retention Credit is on a FEDERAL TAX RETURN. These individuals or firms may […]
One-Participant 401(k) Plans
8/4/2023 One-Participant 401(k) Plans The one-participant 401(k) plan isn’t a new type of 401(k) plan. It’s a traditional 401(k) plan covering a business owner with “no employees”, or that person and his or her spouse. These plans have the same rules and requirements as any other 401(k) plan. Contribution limits in a one-participant 401(k) plan […]
Considering Cost of Living During Retirement
5/9/2023 Considering Cost of Living During Retirement Cost of Living scores and indexes are a way to compare the overall price of goods and services between different areas of the United States. The national average is established at 100, so when you look at a place’s COL Index you can instantly see how much more […]
Artificial Intelligence and IRS Tax Scams
5/4/2023 Artificial Intelligence and IRS Tax Scams A bipartisan group of Senate Finance Committee members is raising concerns with the IRS over potential use of artificial intelligence (AI) to generate what they term persuasive, tailored messages to steal personal financial information. In a letter to IRS the Commissioner, lawmakers urged the IRS to prepare for, and […]
The Future of Social Security Benefits
5/4/2023 The Future of Social Security Benefits For the first time in decades, both the Social Security Trustees and the Congressional Budget Office project the retirement Trust Fund to be exhausted within ten years. Today’s rising interest rates, and the worst inflation in 40 years is contributing to this challenge. In 2022, higher inflation resulted […]
What Deductions Can I Take as an Owner of Rental Property?
4/8/2023 What Deductions Can I Take as an Owner of Rental Property? If you receive rental income from the rental of a dwelling unit, there are certain rental expenses you may deduct on your tax return. These expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs. You can deduct the ordinary and […]
How does AI affect the stock market?
3/9/2023 How does AI affect the stock market? Artificial Intelligence (AI) is having a major impact on almost every industry. Major investment companies have implemented AI but it has not reached the stage where human intervention, analysis, and decision-making can be entirely eliminated. Some experts are skeptical about whether that will ever happen. Currently, the […]
First Time Home Buyers and Renters Face Incredible Hurdles
3/9/2023 First Time Home Buyers and Renters Face Incredible Hurdles Supporters of affordable housing from around the country are pressing Senate tax writers to advance tax policy that they believe can play a major role in addressing the current housing shortage. According to a new report from the National Association of Realtors, the share of […]
IRS New SECURE Act 2.0
1/3/2023 IRS New SECURE Act 2.0 On December 30, 2022 the President, as part of an omnibus spending bill, ‘SECURE 2.0’—the latest update to 2019’s Setting Every Community Up for Retirement Enhancement (SECURE) Act—could have the greatest impact for workers enrolled in qualified employer retirement plans. Here are some of the major provisions of SECURE 2.0 effective […]
How the new Consolidated Appropriations Act will change retirement
12/30/2022 How the new Consolidated Appropriations Act will change retirement The Senate passed a $1.7 trillion government funding bill (the Consolidated Appropriations Act, 2023) on December 22, sending the package to the House for a vote. Following House approval, the President is expected to sign the measure before government funding expires. Note that the Senate […]