Posts by Yuriy Akopyan
Managing Gains and Losses in a Turbulent Year
Article Highlights: Rough Year for the Stock Market Year End Approaching Annual Capital Losses Are Limited Be Aware of Wash Sale Rules Off-Set Short-Term Gains with Long-Term Capital Losses Planning for Zero Tax on Long-Term Capital Gains Converting a Traditional IRA to a Roth It’s been a rough Fall for the stock market. So much…
Read MoreIRS Unveils Retirement Plans Inflation Adjustments for 2023
Article Highlights: Planning for the Future Inflation-adjusted Contribution Amounts IRAs Employer 401(k)s HSAs TSAs SE Retirement Plans SEPs Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the…
Read More2023 Social Security Cost-Of-Living Increase Highest In 40 Years
Article Highlights: 2023 Social Security COLA Increase Historical COLA Increases Keeping Inflation At Bay Medicare Premium Decrease Medicare Income Adjusted Tables for 2023 Modified Adjusted Gross Income How Gambling Can Affect Medicare Premiums Social Security Trust Fund The Social Security Administration recently announced that Social Security beneficiaries will get an 8.7% increase to their benefits…
Read MoreAre You Missing Out on the Increased Child Tax Credit?
Article Highlights: American Rescue Plan Act 2021 Enhanced Child Tax Credit Credit Phaseout Advance Payments TIGTA Report Millions Entitled to But Did Not Receive the Credit Credit Still Available to Those That Qualify The American Rescue Plan Act of 2021, also referred to as the COVID-19 Stimulus Package or ARPA, was a $1.9 trillion bill…
Read MoreHow to Financially Prepare for 2023 – In Case of a Recession
The growing consensus among economists is that the U.S. economy will enter a recession in 2023. Recessions tend to go hand in hand with major stock market declines and widespread unemployment. Without proper preparation, recessions can irrevocably damage your financial stability. That’s why now is a good time to start if you haven’t begun already. Start…
Read MoreThe Deadline to Sign Up for Monthly Child Tax Credit Payments Is November 15
Most families are already signed up! If you’ve filed tax returns for 2019 or 2020, or if you signed up with the Non-Filer tool last year to receive a stimulus check from the Internal Revenue Service, you will get the monthly Child Tax Credit automatically. You do not need to sign up or take any…
Read MoreThe IRS Non-filer Tool Is Now Closed
The tool is closed and it will not be available for other payments including the second Economic Impact Payment or the Recovery Rebate Credit. Economic Impact Payments were an advance payment of the Recovery Rebate Credit. You may be eligible to claim the credit by filing a 2020 1040 or 1040-SR for free using the IRS Free File…
Read MoreGetting Married: What Newlyweds Need to Know Regarding Taxes
Taxes might be the last thing on your mind on your wedding day, but tying the knot can have a big impact on your tax situation. Here are some of the most important things you should know. Marriage tax penalty or marriage bonus? Maybe you’ve heard of the so-called marriage tax penalty: a quirk in the…
Read MoreTax and Personal Finance Tips for New Parents
Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From diapers to daycare, from braces to bicycles, parents are often shocked by the constant…
Read MoreWill Your Planned Retirement Income Be Enough after Taxes?
Article Highlights: States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee Funded Retirement Plans Health Savings Accounts Brokerage Accounts Municipal Bonds Investments Home Equity & Gain Exclusion Reverse Mortgage Whole Life Insurance Cash Value That is an…
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