Return-to-office plans remain in a state of limbo as some employers find that a remote work strategy is a viable option long term. What are the tax implications for businesses in this new scenario? Over the past couple of years, businesses have sent employees to work from home as a temporary solution in response to… Read more
A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest income they get from a trust, but not on any… Read more
Getting older has its perks, including tax breaks. Your income threshold for filing a tax return at all is higher, you get a bigger standard deduction and you can defer or avoid taxes on more money. Below are the details of some tax breaks you’ll qualify for when you turn 65. You qualify for a… Read more
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the… Read more