While full retirement age for Social Security approaches age 67, Medicare benefits are available at age 65. The Initial Enrollment Period for Medicare is the 3 months before and 3 months after the month in which you turn 65. If you miss this enrollment window, you may be subject to premium penalties for the rest of your life. Medicare benefits…
The best resource for information on Social Security is ssa.gov. Once you create an account (www.ssa.gov/myaccount), you can get a benefits estimate, check your eligibility, the status of your application, and even replace a lost Social Security card. How Much is My Social Security Benefit? Each year, the Social Security Administration (SSA) sends out paper statements containing your benefit estimates three…
Ever wonder which business travel expenses are tax-deductible and which ones aren't? Check out our handy PDF infographic for an overview of the rules! You can download this document once you've clicked to open it: Business-Travel-Deduction-Worksheet 7-26
It can be easy to get caught up in the negative spiral of the daily newsfeed and think that the country is a divided place. But next weekend we will celebrate the Declaration of Independence that declares these self-evident truths: ". . . that all men are created equal, that they are endowed by their Creator with certain unalienable Rights,…
The alphabet soup of retirement plan options can be overwhelming. What's the difference between a 401(k), 403(b), 457, SIMPLE and IRA plans? Here's what both employers and individuals need to know. Employer-Sponsored Retirement Plan Options 401(k), 403(b), and 457 plans From the outside, 401(k), 403(b), and 457 plans can look similar. They have the same annual contribution limits and are…
You're probably aware that federal tax laws and state tax laws don't always agree. As you do your tax planning and prepare for filing season, it's important to know the provisions that differ for your state. State tax conformity is the practice of state governments adopting the federal Internal Revenue Code (IRC) for their own income tax systems. States can…
You may remember that the One Big Beautiful Bill Act (OBBBA) includes a provision commonly called "No Tax on Tips". Last year, the government issued a preliminary list of occupations covered under this provision. Based on feedback from the public, the Treasury Department has now issued final regulations that expand that list of occupations and adds some additional clarification. The…
If you have taxable income from sources such as investments, self-employment, or pass-through entities, you may need to make estimated tax payments throughout the year. If you work for an employer, you're familiar with the federal and state withholding that's deducted from each of your paychecks. But if you have income from other sources, such as your side hustle, investment…
It's tax season, and you're probably in the midst of going through a bunch of paperwork. What better time to create a system to manage all those documents so you can retrieve them later? First: organize, categorize, and digitize. While you might still use physical folders, a digital backup of your documents is more searchable and secure. Here are some…
While your brains (and ours!) might still be thinking about 2025 taxes, here are some new provisions that take effect beginning in 2026: Child and Dependent Care Tax Breaks The maximum child and dependent care credit will now be between $1,050 and $1,500 for one dependent and between $2,100 and $3,000 for two or more dependents, depending on income level…