Author Archives: Carol

Children who receive investment income or other unearned income are subject to special tax rules that affect how parents must report the child’s investment income. This is to prevent parents from putting investments in their children’s names, hoping that any … Continue reading →

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act is a bipartisan law that was signed into law at the end of 2022. It includes changes to many aspects of retirement plans to help Americans save more for … Continue reading →

Tax Rates There are still seven tax rates but the income ranges (tax brackets) for each rate have shifted slightly to account for inflation. The tax rates range from a low of 10% for single filers with taxable income of … Continue reading →

Disaster Relief Withdrawals The IRS announced that victims of federally declared-disasters (such as Hurricanes Helene and Milton) can withdraw up to $22,000 from their IRAs. This disaster tax relief for all individuals and businesses includes the entire states of Alabama, … Continue reading →

Receiving a letter from the IRS may feel alarming, but the IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call … Continue reading →

Taxpayers who pay for tuition or expenses for higher education may be eligible for one of two education tax credits — the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC). If you claim your child as a … Continue reading →

Expenses related to use of a car, van, pickup or panel truck for business can be deducted as transportation expenses, but only for taxpayers who are self-employed or small business owners, or when using their vehicles for activities such as … Continue reading →

An important aspect of your retirement planning and financial decisions is knowing how Social Security and taxes work. Being aware of the tax implications of Social Security benefits can help you avoid surprises. Taxability Not all of your Social Security … Continue reading →

With the April 15 federal tax filing deadline well behind us, many who have filed their 2023 tax returns have breathed a sigh of relief. But since the tax code changes frequently – and never gets any less complicated – … Continue reading →

The Corporate Transparency Act passed in 2021, creating a new requirement to report Beneficial Ownership Information (BOI) about the individuals who ultimately own or control a company, is part of the U.S. government’s efforts to address financial crimes. Starting January … Continue reading →