There is some good news for your retirement planning. If you have an employer-sponsored 401(k) retirement plan, or any of a number of similar plans, you’ll be able to increase your annual contribution this year by $1000, as part of the federal government’s scheduled inflation adjustment. The limit increase means work-based retirement plans can reach[…]
The most overlooked deductions and credits for the self-employed
By diamondcpas Business Taxes Jan 31, 2022
Too often, those who are self-employed, whether on a full-time basis or just doing some freelance work on the side, miss out on beneficial tax deductions to which they are entitled. Among the most significant is the home-office deduction. To qualify, however, you must have a portion of your house that you exclusively for your[…]
Let’s discuss Spousal Lifetime Access Trusts, otherwise known as SLATs. Establishing one can be complex and designing one to meet your particular needs will most certainly require an estate planning expert, but doing so could be quite beneficial for your financial future. A Spousal Lifetime Access Trust is an irrevocable trust that can own permanent[…]
The death of a loved one creates many challenges. Of course, there is grief and a profound sense of loss and immediate plans must be made for a memorial service or funeral. But there are many other matters that need to be addressed. From closing bank accounts and credit cards to paying bills, settling an[…]
Too often, people believe their wills will solely determine who receives their assets. While this is true for “probate assets,” which are assets that are usually owned solely in a person’s name, it is not the case for multiple non-probate assets, which are assets that have a designated beneficiary. If you have qualified retirement plans,[…]
Annuities are often a popular investment vehicle to supplement retirees’ Social Security benefits, guaranteeing a lifetime income stream. Considering that only about 35 percent of retirees have a pension, having an annuity can provide a sense of security and confidence that you won’t outlive your money. Annuities are insurance products, so, naturally, they are sold[…]
While 529 College Plans have been around for more than two decades, helping people save for their children’s tuition, it’s less well-known that the plans can be used for sidestepping certain taxes. First off, let’s explain just what a 529 plan is and who can open one. Anyone 18 or over can open a 529[…]
It’s no secret that going to college is a serious expense and although the tax deduction for college tuition and fees ended on December 31, 2020, there are still possible tax breaks available for some, including the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC allows for a reduction in[…]
So, you’ve done all the right things to prepare for retirement and now it’s time to ensure that the right tax strategies are in place to protect those assets you’ve worked so hard for. While payouts from some retirement accounts, such as traditional IRAs, are taxable, you might be able to avoid that situation if[…]
The idea of becoming a franchise owner can be quite enticing, especially in these challenging and uncertain economic times. Franchises can be a path to becoming a business owner without many of the complications associated with building your own company. When you go into the franchise world, you have a ready-made brand and all its[…]