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 [...]
Any U.S. person with a financial interest in, or signature or other authority over, any foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR), subject to conditions. That is, if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year, the individual must [...]
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original [...]
Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. One approach that might yield success is called “throwing snowballs.” Under this method, you organize your debts from the lowest balance to the highest balance and begin paying off the debt on top [...]
With so many people working remotely these days, it’s become common to think about moving to another state – perhaps for better weather or to be closer to family. Many retirees also look at an across-the-border move to better control living expenses. If you’ve found yourself harboring such notions, be sure to consider taxes before [...]
In recent years, many people have pivoted to working from home, and that brings up tax questions. If you’re on of those people, you might wonder, “Can I claim the home office deduction on my 2022 tax return?” The short answer is: only if you’re self-employed. Employees can’t currently claim home office expenses, and [...]