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A Medicare Primer

Many of us are anxiously awaiting retirement. We have visions of doing whatever we want whenever we want to do it, right? But we also know that we'll need money to live in the manner to which we've become accustomed. That's where Social Security and Medicare come in - the safety nets that provide us with a foundation of income…

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The Basics of Wills and Trusts

You don't have to go too far down the path of estate planning before running into questions about wills and trusts. Do you need both a trust and a will? What's the difference between the two? Both wills and trusts are legal documents that govern how your estate's assets pass on to your heirs. While your will doesn't take effect…

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When is a Business Expense Not a Business Expense?

In order to be tax-deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. What does that look like in practical terms? Rule #1 - Remember that you and your business are…

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Records Retention Guide for Businesses

How long should I keep my tax return? How long do I need to keep backup documentation for my business purchases? These are questions we hear all the time, which is why we've put together this Records Retention Guide for Businesses. It goes hand in hand with our Records Retention Guide for Individuals, which you can view by clicking here.…

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Required Minimum Distribution Penalty Relief for 2024

IRS Notice 2024-35 provides tax relief from penalties for failure to take certain required minimum distributions (RMDs). This relief generally applies to non-spousal beneficiaries of inherited retirement accounts. First, the general RMD rules . . . The required beginning date for required minimum distributions (RMDs) from retirement accounts such as traditional IRAs and pretax 401(k)'s is April 1 of the…

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Beneficial Ownership Information Reporting is Due in 2024

Beneficial ownership information (BOI) reporting is required for most businesses in 2024. It's part of the US government's efforts to make it harder for criminals to hide through shell companies or other opaque ownership structures. How to Report Reporting is done through the BOI E-Filing website, which opened January 1, 2024. Companies in existence before 2024 will have until January 1,…

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Tax Credits for Families for 2023 Tax Returns

Two tax credits may apply to your tax situation if you have children, and one of those will potentially increase if pending tax legislation passes in time for your 2023 return. Child Tax Credit The Child Tax Credit applies if you had a child in 2023 that meets these criteria: Has a Social Security number that is valid for employment…

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Pending Legislation Could Affect 2023 Tax Returns

We don’t usually comment on pending legislation because of the uncertainty of its passage. However, a tax bill is being fast-tracked through Congress that includes retroactive provisions that could affect your 2023 tax bill . . . if it passes both Houses of Congress quickly enough. The bill enjoys a rare commodity - broad bipartisan support - and lawmakers have…

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