Tax Updates

In a tight labor market, paid family and medical leave is rapidly becoming more of an expected benefit than just a perk. The good news is the Section 45S federal tax credit for family medical leave programs can help your organization recruit and retain skilled workers while also cutting your tax bill. Here’s what you need…

Every business starts with a “seed” idea that germinates into a fledging business under the right conditions. The decisions that owners make when launching a start-up will impact its financial well-being for years to come. Here are five ways financial advisors can provide critical guidance at this phase of development: 1. Business Planning You’ll need money…

Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and…

When a loved one dies, taxes are probably not your first concern. But the IRS requires family members (or executors) to address unfamiliar and sometimes overwhelming tax considerations during this difficult time. Here are three important facts that you should know as you wind up a deceased person’s estate. 1. Inherited Assets Get a “Step Up” in…

Open enrollment for health care benefits has begun at many companies. If your employer lets you choose from a menu of health care plans, it’s important to review your options carefully. Medical costs keep going up. The average cost for a hypothetical family of four covered under an employer-sponsored preferred provider organization (PPO) plan is projected to…

As the holidays approach, it’s time to consider tax planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears there won’t be any significant unfavorable federal tax changes that will take effect next year. Assuming that’s an…

When you buy a home, chances are high that you will eventually sell as your life changes over time. In the United States, it’s estimated that homeowners change residences every five to seven years.So when you’re house hunting, it’s important to keep resale value in mind. Some features you may find desirable may not appeal to…

When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2023, a tax credit of up to $15,950 for adoption of a special needs child can come in handy for qualified parents facing the daunting costs of adoption (up…

Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts. Required Minimum Distribution FactsUnder tax law, you cannot keep money in a traditional IRA indefinitely. Eventually, it must be distributed. The amount…