There are many critical decisions to make when deciding to start a business, one of which is choosing the entity type for your business. The type of business structure you select will have numerous implications, such as the amount of paperwork needed to establish and maintain the business, the amount of liability protection that may…
Updated as of February 13, 2023, reflective of new guidance surrounding taxable treatment of special tax refunds or payments. Tax season is upon us again, so we have compiled a brief list of tips to assist in your tax planning efforts. As a reminder, the deadline to file your 2022 taxes is April 18, 2023.Tax Forms:…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, designed to provide individuals with increased flexibility in retirement savings plans, was signed into law on December 23, 2022. The bipartisan legislation further enhances the provisions of the original SECURE Act passed in 2019, and it is expected that additional clarification will come from…
If you are an IRA owner and you plan on making significant charitable contributions this year,you may want to consider utilizing a tax-efficient strategy called a Qualified CharitableDistribution, or “QCD.” A QCD allows IRA owners aged 70 1⁄2 or older to distribute moneydirectly from their IRA to a qualified charity without paying income tax on…
For most of us, the term “estate planning” brings to mind the worst-case scenario: death. While preparing a will is certainly an important and central component of creating an estate plan, what about planning for an accident or an illness that leaves you incapacitated and unable to handle your own affairs? If something catastrophic were…
During the summer after my sophomore year of high school, I got my first job at a local ice cream parlor. While I was delighted to be making my own money, I was surprised and somewhat dismayed when I looked at my first paystub and saw all of the various deductions being withdrawn from my…