by Admin | Feb 15, 2022 | Individual Taxes, Tax Planning
According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 16% of Americans were age 65 or older, and by 2030 all boomers will be at least 65. Boomers aren’t the only reason the nation’s overall population is...
by Admin | Feb 10, 2022 | Individual Taxes
If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. The tax code (Section 183 – the so-called “hobby loss...
by Admin | Feb 8, 2022 | Individual Taxes, Tax Planning
If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of the two potential education tax credits you are eligible for and give you the greater tax benefit. There are two higher-education tax...
by Admin | Feb 4, 2022 | Individual Taxes
December 15th, 2021 marked the last deposit date for the child tax credit payment expanded under the American Rescue Plan (ARP). Though many had hoped the program would be continued, political leaders are struggling to find a way forward that makes the majority of...
by Admin | Jan 27, 2022 | Individual Taxes, Tax Planning
As the old saying goes, “If you fail to plan, you plan to fail.” Whoever coined that phrase was absolutely talking about finances, whether they realized it or not. According to one recent study, a general lack of financial education costs Americans a...
by Admin | Jan 25, 2022 | Individual Taxes, Tax Planning
Some in Congress have proposed “free” (i.e., government-paid) tuition for community college attendance. Even if that proposal were to become law, it still leaves parents and their children-students responsible for paying for college and university attendance if the...
