Author: taxsecretsblog

Article Highlights: SECURE 2.0 Act Catch-up Contributions Incentives to Contribute to a Plan Long-term Part-time Workers Automatic Enrollment Required Minimum Distributions RMD Penalties Emergency Savings Accounts Penalty-Free Withdrawals Other Distribution Changes In 2019 Congress passed legislation named the Setting Every Community Up for Retirement Enhancement

Article Highlights: Taxation of Inherited Property Inherited Basis Date of Death Value Alternate Valuation Date Joint Tenants Married Gain or Loss on Sale Certified Appraisals Deducting Loss on Sale of Inherited Home If you are the recent beneficiary of an inheritance, you may be wondering

Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild’s education credits Medical and dental expenses More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It

Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the

Article Highlights: Background Court Battle Forgiveness Under Income-Driven Repayment (IDR) Plans Debt Relief Income American Rescue Plan Act General Welfare Exception Insolvent Taxpayer Exclusion Employer-Provided Educational Assistance Sec 529 Plans Back in August of 2022, President Biden issued an executive order that would forgive federal

August 2023 Individual Due Dates August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later

Article Highlights: Distinguishing Employee and Independent Contractor State Legislation Federal Guidelines Partners Advantages of Independent Contractor Status Form SS-8 SE Tax Form 8919 Penalties for Misclassifying Workers IRS’ Voluntary Classification Settlement Program It is not uncommon for employers to misclassify employees as independent contractors, either

If you've been paying attention to the news recently, you're no doubt well aware that artificial intelligence is a topic of much discussion. Thanks largely due to the launch of ChatGPT and the potentially disruptive implications of what this topic can do, it's everywhere. The

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

Ask any experienced entrepreneur and they will tell you that the difference between running a business and running a successful business is massive. To truly give yourself the best chance of success, and to help achieve your overall goals in the most effective ways possible,