Posts by Yuriy Akopyan
How 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…
Read MoreForms W-2 and 1099-NEC: Deadlines, Extensions, and Penalties
Businesses that hire employees and non-employee contract workers must give them end-of-year tax information, with W-2 forms going to employees and 1099-NEC forms to non-employees. This information also must be filed with the appropriate federal agencies. This article gives you information on the deadlines for these forms, what to do if you need an extension,…
Read MoreWhat Is IRS Form 1096?
IRS Form 1096 is a summary and transmittal tax form that gives the IRS information on the Forms 1097, 1098, 1099, 3921, 3922, 5498, or W-2G your company sent out to other recipients. Your business needs to use it only when you submit those forms to the IRS in a paper format. When and How…
Read MoreInheritances Enjoy a Special Tax Benefit
Article Highlights: Stepped-Up Basis Inherited Basis Inheritance Basis Example Step Down Basis Long-Term Capital Gains Tax Rates Jointly Owned Property Gifting Prior to Death You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if…
Read MoreStudent Loan Debt: Paying and Avoiding It, Plus Tax Benefits
Article Highlights: Tax Advantaged Repayment of Student Loans Employer Provided Educational Assistance Qualified Tuition Programs The Deductibility of Student Loan Interest Student Loans Forgiven in 2021 through 2025 Avoiding Student Loan Debt Section 529 Plans Coverdell Education Savings Account Education Tax Credits The American Opportunity Credit The Lifetime Learning Credit Despite recent rounds of forgiveness…
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