If you were distressed to find you owed money when you filed your last federal tax return, you might want to change your withholding so that this doesn’t happen again. You might even want to adjust your withholding if you got a big refund, because you’re essentially giving the government a tax-free loan of your [...]
Whether you’ve filed your 2022 tax return or soon will, one thing you don’t want to experience is a surprise. Many older people are caught off guard when they find that their Social Security benefits may be taxable. How much might you have to pay? That depends on your other income. If you’re taxed, [...]
Summertime isn’t far off. If you typically hire minors for summer jobs, it’s a good idea to brush up on child labor laws before you hire. In a March 2022 News Release (No. 22-546-DEN) the U.S. Department of Labor’s Wage and Hour Division (WHD) announced that the department is stepping up efforts to identify child [...]
In some cases, homeowners move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a regular [...]
April 18 Besides being the last day for individuals to file (or extend) their 2022 personal returns and pay any tax due, first-quarter 2023 estimated tax payments for individuals, trust, and calendar-year corporations are due today (the state of Maine and Massachusetts have an April 19th federal deadline). Also due are 2022 returns for trusts [...]
Back in 2020 when the COVID-19 pandemic first hit, may people’s emergency funds were suddenly put to the test – assuming there was a fund at all. Now, three years later, and presumably with the benefit of some hindsight, you might want to reconsider your rainy-day savings. You’ve probably heard that, to guard against an [...]