Announcement
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 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 MoreTax Benefits for Child Daycare Providers and Users
Article Highlights: Daycare Providers Simplified Food Deduction Special Rules for Business Use of the Provider’s Home Home Sale Consequences Other Expenses Other Daycare Provider Issues Daycare User Credit Employer Dependent Care Benefits Other Credit Criteria Special tax benefits are available for those providing daycare services for children and the parents who pay for those services.…
Read MoreNew Payroll Tax in Washington State (earn over $300,000 a year?)
Do you work at Amazon, Microsoft, Facebook, F5 Networks, or any of the other large tech employers in Washington State? Do you earn over $300,000 a year? If so, read this! Washington State passed a new tax on employees to fund the first public-operated, long-term care (LTC) insurance program. Effective January 1, 2022, Washingtonians who…
Read More