If your child has been awarded a scholarship, that’s cause for celebration. For some students, it will mean the difference between going to the college of their choice or starting at community college – or even not going at all. But be aware that scholarship may bring tax implications. GENERALLY, BUT NOT ALWAYS Scholarships (and [...]
July 10 Employees must report June tip income of $20 or more to employers (Form 4070). July 31 Employers must report income tax withholding and FICA taxes for second-quarter 2023 (Form 941) and pay any tax due. July 31 Employers must file a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) [...]
Stock market and interest rate uncertainty may cause some investors to turn to bonds. Perhaps the most “user friendly” bond is a U.S. government savings bond. Buying one means you’re essentially lending the federal government money under certain terms, in exchange for a future return. U.S. savings bonds don’t offer as high a yield as [...]
Sadly, many businesses have been forced to shut down recently due to the challenges of the economy, including the supply chain. If this is your situation, we can help you meet the various tax responsibilities that go with closing a business. Of course, a business must file a final income tax return and some [...]
Two tax benefits are available to offset the expenses of adopting a child. In 2023, adoptive parents may be able to claim a credit against their federal tax for up to $15,950 of “qualified adoption expenses” for each child. That’s a dollar-for-dollar reduction of tax. Also, in 2023, adoptive parents may be able to [...]
The volatility in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA invested in stocks, a decline may provide a valuable opportunity by allowing you to convert your traditional IRA to a Roth IRA at a lower tax cost. TRADITIONAL VS. ROTH Here [...]