IRS Reminds Taxpayers of Limited-Time Donation Rules
The rules governing the deduction of charitable contributions can be pretty strict. However, legislation has relaxed a number of them as long as donors take advantage of them by the end of 2021. So, both individual and businesses taxpayers should get up to speed on the temporary rules and take out their checkbooks before year-end. […]
SSA Updates Key Numbers for 2022
The Social Security Administration reviews key numbers each year and usually makes adjustments. In a recent release, the SSA announced what is and is not changing for 2022. Here are the key changes: The maximum taxable earnings for the Social Security portion rises from $142,800 to $147,000. (There is no limit on the Medicare portion.) Exempt […]
Taxable and Nontaxable Employee Benefits
As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs and values. Now, the onus is on employers to provide an environment that makes their star team members […]
What Papers Do You Need To Save?
Sometimes it feels good to get rid of clutter. Cleaning out papers we have kept for years is a good project. But there are some guidelines to be aware of before you put a pile of papers on the scrap heap. Individual circumstances guide the exact documents that should be retained, but there are some […]
A 2021 Update on Tax and Education Credits
Taxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse or your dependents are taking postsecondary coursework, there’s a strong chance a tax benefit may be in your future. The credits available are the American Opportunity Tax Credit and the Lifetime […]
The Eternal Question: Roth IRA or Traditional IRA?
Creating a tax-favored savings account is an important part of saving for retirement. The individual retirement account is a popular choice. But IRAs come in two basic flavors: regular and Roth. What are the differences, and which is right for you? Contributions The contributions to both traditional IRAs and Roth IRAs are capped at an […]
