Posts by Yuriy Akopyan
Relief For Some 2023 IRA RMDs
Article Highlights: IRA Owners Turning 72 in 2023. Required Minimum Distribution Not Required Until April 1, 2025. 60-Day Rollover Period Rollover Period Extended Until September 30, 2023. On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will…
Read MoreClaiming 2019 Tax Refund: July 17, 2023 Is the New Deadline
Taxpayers usually have three years to file and claim their tax refunds. The three-year deadline for filing 2019 returns to claim a refund was in 2022, but the IRS postponed the deadline to July 17, 2023, due to the COVID-19 pandemic. This means taxpayers still have time to claim valuable family tax credits. The IRS…
Read MoreShould I Watch Out for Employee Retention Credit Scams?
Yes, you should definitely watch out for Employee Retention Credit (ERC) scams. The ERC is a government program introduced to provide financial relief to businesses affected by the COVID-19 pandemic. Unfortunately, scammers often take advantage of such programs to defraud unsuspecting individuals and businesses. Here are a few tips to help you avoid ERC scams:…
Read MoreManaging 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…
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