Financial Tasks to Tackle in the Month of May
Now that spring is here, it might be a great time to give your finances a fresh look. Here are a few key items to put on your May to-do list…
Author: Service2Client
Estate Taxes vs. Inheritance Taxes: Understanding the Differences
Estate and inheritance (“death”) taxes are levied on the transfer of property at death. The difference between an estate tax and an inheritance tax is based on who pays the bill. An estate tax is levied on the estate of the deceased…
Shoring Up Services for Veterans, Energy Production and Cybersecurity Risks
Relating to a national emergency declared by the President on March 13, 2020 (HJ Res 7) – On March 13, 2020, then-President Trump declared a national emergency relating to the COVID-19 pandemic. Since then, emergency…
Defining and Understanding Reproduction Costs
When it comes to businesses looking to mitigate risk, one concept that’s important to explore is reproduction costs. The first step is to distinguish between reproduction and replacement costs. Replacement cost refers to how much it would…
I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes?
So, you filed and paid all your taxes on the money you earned in 2021. Now, the company you work for finds itself in trouble and you are forced to pay back part of your compensation. The big question is, will the IRS refund you for the taxes you already…
6 Tax Tips for 2023
It’s that time of year again: tax time. And while many of your money-saving options might be limited after Dec. 31, there’s still a lot you can do to help lower your taxes, save money and avoid penalties. Here’s a quick…
Mega Backdoor Roth IRA
The Roth IRA is a retirement savings account in which you invest only after-tax dollars. Subsequently, all earnings grow tax-free and may be withdrawn tax-free. However, there are limits to who can contribute and how much they can contribute…
Transparency for the Coronavirus, Federal Settlements, Smart Appliances and Public Education
COVID-19 Origin Act of 2023 (S 619) – This bill would authorize the Office of the Director of National Intelligence (ODNI) to declassify all information relating to the origin of COVID-19 and any correlation…
How Volunteering Can Earn You a Big Tax Deduction
Most people volunteer out of a sense of altruism, duty or purpose – not to get a tax deduction from Uncle Sam. At the same time, if your good deeds could also result in lower taxes, why not? Theoretically, this…
Different Ways to Value a Business
When it comes to valuing a business, there are many ways to examine a company’s profitability. Looking at a business’ liquidation value and its breakup value are two of…