Accountant Near Me

Set Up a Tax-Favored ABLE Account for a Family Member with a Disability

Today, most states offer programs that allow you to establish a tax-favored account to cover the qualified expenses of a family member with a disability. These programs were authorized under the Achieving a Better Life Experience (ABLE)…
Continue Reading
Accountant Near Me

Which provisions went into effect in 2024?

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plans and tax laws. Many of its provisions are little…
Continue Reading
Accountant Near Me

Elder Scams: Dont Take the Bait

Today, virtually everyone is vulnerable to fraud schemes, from teenagers searching social media to middle-aged people making online purchases and senior citizens caught up in Ponzi schemes. But financial exploitation of elderly people is especially rampant.…
Continue Reading
Accountant Near Me

7 Midyear Tax Planning Tips for Individuals

Summer is a good time to reflect on tax planning moves that could lower this year’s tax bill. It appears there won’t be any significant federal tax changes that will take effect next year. If that’s…
Continue Reading
Accountant Near Me

Do You Qualify for the 0% Tax Rate for Capital Gains and Dividends?

Many people currently qualify for a 0% federal income tax rate on net long-term capital gains (LTCGs) and qualified dividends earned in their taxable accounts. Investment assets that may qualify include marketable securities and real estate…
Continue Reading
Accountant Near Me

Should Married Couples File Jointly or Separately?

Once you’re married, you have two options when it comes to filing your annual federal income tax return — married filing jointly or married filing separately. While some couples may find it more tax-efficient to file…
Continue Reading
Accountant Near Me

Examine 6 Factors to Classify Workers as Employees or Independent Contractors

In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out six key factors to be analyzed…
Continue Reading
Accountant Near Me

Key Rules for Home Office Deductions

Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other…
Continue Reading
Accountant Near Me

Social Security Tax Update: How High Can It Go?

Employees, self-employed individuals, and employers all pay the Social Security tax, and the bite the Social Security tax takes gets bigger every year. Here’s what you should know — and why you should be concerned. Projected Social…
Continue Reading
Accountant Near Me

QBI Deduction: Use It or (Possibly) Lose It

The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it’s scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it’s now use-it-or-lose-it time for the write-off.…
Continue Reading