Category: Financial
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College Tuition
When it comes to saving on college tuition through tax savings, there are several strategies and tax credits available in the United States that can help reduce the overall cost of higher education. Understanding these can be crucial for students and their families. Here are some key points to consider: Each of these options comes…
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Understanding Grantor Trusts
An Overview When it comes to estate planning and asset management, trusts play a crucial role in achieving financial goals and ensuring the well-being of beneficiaries. Among the various types of trusts, the Grantor Trust is a prominent tool used for its flexibility and tax benefits. This article delves into the basic concepts surrounding a…
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Have an Ageing Parent?
In the realm of estate planning and inheritance, the nuances of how property is transferred and taxed can have significant implications for both the giver and the recipient. One such nuance involves the scenario where a parent gifts property to a child but retains a lifetime estate, or life interest, in the property. This arrangement…
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Report of Cash Payments
Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024 The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending…
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Accessing Your Tax Return
PORTAL Accessing Your Tax Return and Paying Your Invoice New User: Click the folder and it will drop down where you will see your tax return. Returning User: Click the folder and it will drop down where you will see your tax return.
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Interest Rate Hikes
Anyone heard of Newton’s Third Law of Motion? Newton’s Third Law of Motion states that for every action, there is an equal and opposite reaction. What this means is that pushing on an object causes that object to push back against you, the exact same amount, but in the opposite direction. Who’s Yellen now? The…
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Interest Rates Increase
Interest rates increase for the first quarter of 2023. The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1. Here…
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401-K and IRA Limit Increases for 2023
The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 — up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the Saver’s Credit will also all increase for 2023. Here are some of the changes…
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Foreign Bank Account Reporting
IRS reminds foreign bank and financial account holders the FBAR deadline remains April 15 The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income…
