Tax Breaks for Helping Relatives
It’s not uncommon for adult children or siblings to act as caregivers for family members or give them financial assistance for medical or long-term care needs. The problem is that…
Category: Tax and Financial News
How to Turn a Summer Job into a Tax-Free Retirement Nest Egg and More
Tis the season for summer jobs for high school and college kids. These seasonal jobs are more than just an opportunity for teens and college students to earn some money and gain experience. They also provide the…
Restricted Stock & RSUs: 3 Planning Tips
Equity compensation is becoming more mainstream and is not just for executives anymore. Grants of restricted stock or restricted stock units (RSUs) are getting to be more common than stock options – and the rules are…
The Biggest Winners and Losers in President Biden’s Proposed Individual Tax Plan
President Biden presented his $1.8 trillion American Families Plan, which focuses on expanding benefits for education, children and childcare. The Biden administration intends to pay for the plan with a series of tax…
Everything There is to Know About the New Child Tax Credit
The Child Tax Credit as we know it originated during the Clinton administration, but the recently enacted American Rescue Plan created a new version. The updated version of this tax credit could have a beneficial…
Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill
The recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness…
Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19
Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these…
New Year-End Tax Provisions
In late December, Congress passed the Consolidated Appropriations Act, which in addition to providing COVID-19 relief provisions also included many tax provisions and extenders. The Act contained many…
Paying the Price for Vice: The Evolving Landscape of Excise Taxes in America
While excise or vice taxes have long been a part of the American tax landscape related to alcohol and cigarettes, the recent invention of vaping and legalization of marijuana and other substances is changing the landscape…
2021 Social Security Tax and Benefit Increases Announced
The Social Security Administration recently announced 2021 increases to both benefits and the taxable wage base for FICA taxes.