In late June, the IRS announced RMDs would be able to be reversed from any account requiring them through August 31st. Since the IRS is allowing this, it presents a potential tax planning opportunity.
The aid package was just one part of a larger funding bill, and it contained many provisions, most notably an additional round of direct payments to Americans.
On January 14th, President Biden presented his plan, titled the American Rescue Plan, for the next round of economic aid related to the ongoing pandemic.
Most notably, the bill included another round of direct payments to Americans, many of whom have already received the $1,400 (individually), plus per spouse and dependent/s.
At the end of 2021, outstanding consumer debt in the United States, including mortgages, student loans, auto loans, credit cards, etc., totaled $15.6 trillion, which equates to about $50,000 per American. Clearly, we are no strangers to debt. Ultimately, getting rid of consumeristic debt will help you save and accomplish your goals.
Recently, I received a gift from the Iowa State Patrol in the form of a speeding ticket. In reflecting on this experience, it occurred to me that I took an unnecessary risk to attain something I didn’t need and ended up sacrificing money I didn’t have to lose.
Currently, a single solution to preserve or pass on ownership of digital assets doesn’t exist. This is where it becomes important to think about all of your digital assets and develop a plan for each. Here’s how to go about it.
One of the best strategies for charitable giving is to open and fund a Donor Advised Fund (DAF).
Proactively working off a budget is challenging, both emotionally and practically. Here are some of the tools members of our team use that have helped them successfully manage their cashflow.
Many estate planning techniques are based on the Internal Revenue Code Section 7520 interest rate, which is at an all-time low of 0.6% as of June 2020.
Is your life insurance policy performing as well as it could be? Guest blogger Eryka Morehead explains some factors that could be undermining your policy’s performance.
Guest Blogger Eric Wahlstrom, CPA. With easy access to online or off-the-shelf software, preparing your own tax return is often appealing as an affordable, logical option.
After months of speculation, on September 13th, the House Ways and Means Committee released a proposal for tax reform effective in 2022 (and possibly in 2021 for selected provisions). The proposal contains a number of provisions that were expected, and a few surprises that we did not expect.
Since we are close to flipping the calendar to 2023, this is a great time to sit down and reflect on the past financial year and anticipate what might be ahead.
