Discover how the IRS is providing much-needed relief for Required Minimum Distributions (RMDs) in light of the SECURE 2.0 Act. Learn about the new transition rules that could potentially benefit retirees and their tax planning strategies.
In this episode of the PFP Section podcast, David Kushner, CPA, interviews expert Lee Slavutin, MD, CLU to uncover the three situations in which life insurance premiums are tax deductible and pose little risk of being challenged, helping professionals navigate potential tax traps.
The SALT deduction has been a longstanding benefit for taxpayers who pay state and local taxes. However, recent limitations to the SALT deduction have left taxpayers in high-tax states looking for alternatives. One such option is the PTE tax election, which allows pass-through entities to pay and deduct state and local taxes on behalf of their owners.
Due to the MOVEIt breach, monitor your credit and consider freezing it. Be cautious of email scams, hover over links, and verify attachments. Watch out for unexpected bills or invoices, as they may be scams. Avoid reusing passwords and sharing personal info over email. Stay safe from identity theft!
Discover the key considerations when deciding whether to file taxes jointly or separately as a married couple, including the impact of state laws, deductions, and retirement account savings. Make an informed decision to minimize your tax liability and maximize your financial benefits.
Louisiana's OMV Data Breach: How to Keep Your Personal Information Safe - As the state works to address the massive cyberattack on its Office of Motor Vehicles, it's crucial for residents to remain vigilant and take necessary precautions. This article outlines steps that individuals can take to safeguard their identity, monitor their credit, and protect their financial and personal information from misuse.
As the U.S. approaches the debt ceiling deadline, the implications of not raising it grow more severe. This article delves into the potential consequences of a default and how it may affect the U.S. economy and financial markets.
Confused about which nutrition, wellness, and general health expenses may be considered medical expenses? The IRS has published a series of FAQs to help clarify this. In this article, we explore these FAQs and offer guidance on when and how certain expenses may be eligible for deductions.
Trusts are an essential tool for estate planning, but their tax implications can be confusing. Understand the differences between revocable and irrevocable trusts, grantor and non-grantor trusts, and simple and complex non-grantor trusts to determine which trust is best for your unique financial situation and goals.
Employers must protect their interests when employees leave or join their company, but the use of non-compete agreements and similar contracts is becoming increasingly regulated at the state and federal levels. This article explores common business agreements and best practices to mitigate potential risks.
Tax season is upon us again, and this time of year can be stressful for many taxpayers. Not only do you have to gather all your financial documents for your tax return, but you also have to face the possibility of owing money to the IRS. If you are in this situation and can't pay your entire tax bill immediately, don't panic - you have options.
If you earn income as a freelancer, independent contractor, or from a side gig, you'll likely do so as a sole proprietor or single-member LLC and report your income on a Schedule C. Learn more about these types of entities and the Schedule C in this article.
Adding your kids to your bank account or home deed can create a host of legal, financial, and tax issues that can leave you and your loved ones vulnerable to significant risks and losses. Learn about the issues and alternative solutions to help you achieve your estate planning goals.