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Start Your Tax Planning NOW!Keeping your taxes as low as possible requires paying attention to your financial situation throughout the year. Here are some tips for getting a head start on tax planning for your 2024 return...
Kids Can Be Expensive! Here Are Some Tax Breaks to Help.Kids can pose challenges from every direction for their parents – feeding times, car seats, sleep schedules, strollers, child care, and of course...taxes! What most parents don't consider is that these bundles of joy complicate their tax situation. Here are some tax tips that may help...
The Psychology of Saving - How to Change Your Money HabitsVolunteering helps others and gives you a feeling of satisfaction. And it may also give you a tax deduction. To qualify for a deduction, your expenses must directly relate to the charity where you volunteer. Additionally, you must not have been reimbursed for those volunteering expenses and must itemize deductions...
Protect Your Security DataQuite often, data security concerns surface when an employee leaves. But that’s not the only time your data may be at risk....
The Time For Succession Planning is NowThe busiest, most successful business owners recognize the importance of having a business succession plan. But long hours can keep owners from conducting periodic reviews of the plan to help ensure it continues to address succession goals, both operational and financial....
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MAY 2024 Q & AQ: A friend asked if he could rent our lake house for a couple of weeks in August. Are there any tax consequences if we do? A: Not if you observe the IRS’s short-term rental rules. You can rent out your personal residence (including a vacation home), and any money earned from the short-term rental isn’t subject to income tax if the rental doesn’t exceed 14 days in the tax year.
Is an Engagement Ring a Financial Asset?72% of female gray retirees didn't view their engagement ring as a financial asset nor realize selling it could give them cash to invest and supplement their retirement savings. *Building a Financial Fresh Start, Worthy.com Child & Dependent Care Tax CreditParents paying for school-age children’s day camp this summer may be eligible for the federal child and dependent care tax credit (CDCC). Note that it’s available only for the expense of day camp, not overnight camp. But there is more to it. WHO QUALIFIES? The CDCC generally helps parents or caregivers cover the cost of qualified care expenses for a child under age 13 or a spouse or other dependent (a parent, for example) who is mentally or physically unable to care for themselves and will have lived with you more than half of 2024. HOW MUCH? You may deduct only a percentage (20% to 35%) of qualifying expenses. For anyone with $43,001 or more adjusted gross income in 2024, that percentage is 20%. The credit is further capped at $3,000 a year for one dependent or $6,000 for two or more.
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