Have you ever heard the quote by Peter Lynch, “Behind every stock is a company. Find out what it’s doing?” Well, I am going to alter that and say, behind every 401k there is a plan. Find out what is in it. Read it. I am speaking from experience here. Knowing your 401k plan rules …
Did you get or are going to receive a bonus or some other type of increase to your income? Your initial reaction was that’s great but then there was a voice in your head that said “Wait, is that going to put me in a new tax bracket? Maybe this is not so great.” Lately I …
The Australian superannuation, commonly known as the Australian Super is a type of mandatory savings for retirement. The Australian government sets a minimum percentage that should be paid by employees into their super out of their income, and also requires that employers contribute to the super accounts of their employees. Australians can invest the funds …
You may have missed the U.S. has joined several other countries in banning accounting and consulting services to Russia. The U.S. Department of the Treasury issued a determination in response to an Executive Order prohibiting certain accounting and consulting services to persons located in Russia. The determination may be found here determination_05082022_eo14071.pdf (treasury.gov). Accounting and …
A 2022 survey of business that had been audited in the last 18 months revealed just how much businesses stand to lose on audits, why they are audited, and the most likely state to get an audit notice from. Here are some red flags that trigger a sales tax audit. Don’t miss: Religious leader tax …
If you are an ordained, commissioned or licensed minister, there are special tax breaks available to you. Religious leader tax breaks includes both a parsonage allowance and a potential exemption from self-employment tax. Don’t miss: Tax law changes complicates filing A parsonage allowance is an amount officially designated for housing as part of your salary …
Tax law changes are taking it’s toll. Towards the end of April, I was meeting with a client that had been out of the country on April 15. (Don’t worry, we extended the applicable tax returns!). He said to me – “You don’t look like you have much energy. You used up all of your …
Have you found savings bonds in your parents’ safety deposit box after their death? Or tucked away in a dresser drawer or hidden in the pages of your mom’s favorited novel? You’ve inherited savings bonds! Savings bonds are one of those often lost and overlooked assets. Tucked away, sight unseen. Don’t miss: Benefits of having …
A safe and easy way to view information about your federal tax account is to have an IRS online account. It’s secure and free. To access your information online, you will need to register through ID.me which is a trusted technology provider, to provide identity verification and sign-in services that the IRS uses. The IRS …
A great opportunity that the Tax Cuts and Jobs Act of 2017 brought to investors was the ability to invest in a qualified opportunity zone fund. There are many tax benefits to investing in a fund, but the most relevant is being able to defer gains to later years while not having to pay tax …