January 17 Individual taxpayers’ final 2022 estimated tax payment is due. January 31 Employers must file 2022 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to their employees. Employers must file (paper or electronic) 2022 Forms 1099-NEC (“Nonemployee Compensation”), reporting nonemployee compensation payments, along with the related [...]
The term “sandwich generation” was originally coined to describe baby boomers caught between caring for their aging parents and their children. These days the term applies to whichever generation is grappling with the problem. If you’re in the middle of the sandwich, it may be time for some honest discussions with the other parties about [...]
With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and loved ones. By using your annual exclusion, those gifts-within generous limits-can reduce the size of your taxable estate. For 2022, the annual gift exclusion is $16,000. This covers gifts you make to each recipient [...]
If you’re fortunate enough to own a vacation home, you may want to rent it out when you’re not using it. But how might that affect your taxes? The answer lies in keeping good records. Before you post the “for rent” sign, consider how many days you, your relatives (even if they pay market rent) [...]
If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know there may be several possible tax benefits. MEDICAL EXPENSE DEDUCTIONS The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with [...]
A wise person – who may or may not have been an accountant – once said, “Simplicity is the key to a family budget.” However, the budget should also be comprehensive enough to cover all necessities. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near term [...]