The Federal Deposit Insurance Corporation (FDIC) has provided deposit insurance coverage to depositors of insured banks since 1933. This protection is important to all investors, especially those who tend to be invested heavily in cash and who are dependent on these accounts to cover living expenses. Note: The covered institutions must display an official sign [...]
Since the Supreme Court’s 2013 Windsor decision, same-sex couples who are legally married under state or foreign laws are treated as married for federal tax purposes just like any other married couple. The Supreme Court’s Obergefell decision (issued in late June) now requires all states to license and recognize marriages between same-sex couples can exercise [...]
It may not be as high on the wedding plan checklist as the venue, invitations, and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding. Name change. Any time names are changed, it should be reported to the Social Security Administration (SSA). The name associated [...]
If you are a small business owner, here is a list of organizations that may have tools, information, and other resources to help your business grow. Business USA (Business.usa.gov). The mission of Business USA is to be a centralized, one-stop platform for businesses to access government services to help them grow and hire. Business USA [...]
UNNEEDED LIFE INSURANCE POLICIES COULD BE A SIGNIFICANT SOURCE OF CASH Besides providing loved ones with a source of funds for income replacement in the event of an untimely death of the family’s breadwinner(s), people buy life insurance for a variety of reasons: To fund a buy-sell agreement or key person insurance for a business. [...]
DEDUCTING MEDICALLY NECESSARY HOME IMPROVEMENTS Individuals can claim medical tax deductions for the cost of special equipment installed in a home, or for home improvements, if the main purpose is to accommodate the individual’s, spouse’s, or dependents’ medical needs. Medically required home improvements that would not ordinarily be for medical care are deductible only to [...]