Typically, year-end tax planning consists of accelerating deductions, delaying income, and maximizing contributions to tax-deferred accounts. While these ideas still may be beneficial for many people, the tax increases included in proposed legislation may cause some taxpayers to go a different direction this year.
If you have children under 18 in your household, you could be receiving an enhanced tax credit for the 2021 tax year. Here's what you need to know about this one-time change to the child tax credit.
Too often we find ourselves reading articles that predict financial doomsday or that have headlines designed to scare the reader into action or submission. In a world filled with non-stop news reporting and endless platforms to promote ideas, sell products, and gain attention, it can be very difficult to determine what is important and true.
The American Rescue Plan Act of 2021 provides a third round of stimulus checks, increases the child tax credits, and more. Learn more today.
Ohio unemployment compensation fraud is running rampant. The Ohio Department of Job and Family Services reported that for the week ending February 6, there were 44,000 potentially fraudulent unemployment claims out of 140,444 (31%). You may know a friend or family member that has been targeted in this identity theft scam or you may be a victim yourself.
Many acknowledge they are in need of an estate plan yet struggle to actually put a plan in place. In fact, a recent 2021 study by caring.com found that only 32% of adult Americans have a will or another type of estate plan in place. The study also points out that the majority of those that do have documents in place are 55 and older.
The SECURE act was a very impactful piece of legislation that would still be top of mind if it weren’t for the events and changes that have followed since its passage in December 2019. Among other things, the SECURE act increased the age of Required Minimum Distributions (RMD) to 72 from 70.5.
Happy New Year! We hope you had a healthy and wonderful holiday season. Here are some financial tips and ideas to help you start off on the right foot as we move into 2021.
As of this afternoon, the Coronavirus Response and Relief Supplemental Appropriations Act had been passed by both the House and the Senate, but not yet signed by President Trump. Though President Trump is calling for some changes to the Act before he will sign, we wanted to address a summary of this bill that is over 5,500 pages and to highlight the areas that will impact a large percentage of our clients.
Usually by this time of year vacations are over, children and grandchildren are settled back into school, and the focus begins to shift toward the upcoming holidays. However, as we are all reminded daily, 2020 has been anything but an ordinary year. Many individuals find themselves asking what they should be doing right now to plan for the months ahead.