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Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax… Read more
The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) includes important changes that will affect employer-sponsored retirement plans and self-employed people looking to save for retirement. Here's an overview of key provisions for small business owners who currently offer a…
Do you pay someone to watch your young child (or another qualifying dependent) while you're at work? You may be entitled to claim the dependent care credit on the 2022 return you must file by April 18. But be aware: Recent enhancements provided under the American Rescue Plan Act (ARPA) expired at…
Every year, the United States experiences natural and manmade disasters, ranging from hurricanes and earthquakes to wildfires and electrical grid failure. If you're unlucky enough to suffer a disaster-related loss, you'll need to understand the federal income tax rules to determine whether you're…
If you need cash to operate and grow your small business, you have two options: debt and equity financing. Some business owners take on excessive debt because they won't relinquish control to investors. But others have the reverse problem — they refuse to apply for a commercial loan even though…
Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment.
