Tag Archives: taxes

Roth IRAs: Put Your Child’s Summer Earnings to Work

With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child.

Here’s everything you need to know including what it is, how it works, and why it’s beneficial.

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Qualified Charitable Distributions From IRAs

If you’re a retiree aged 70 1/2 or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use this tactic even though minimum distributions are no longer required until age 72. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part of your required minimum distribution.

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Deducting Business-Related Car Expenses

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses.

The first thing small business owners need to know is that there are two options for claiming deductions:

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Dirty Dozen Tax Scams For 2022

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at this year’s “Dirty Dozen” tax scams:

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Summer Activities That Could Affect Your Tax Situation

Although the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes:

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Reverse Mortgages: What To Know

Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your home. You can use this cash to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses. A reverse mortgage is not without risk, however.

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Small Business Budgeting Errors

Common Small Business Budgeting Errors To Avoid

When creating a budget, it’s essential to estimate your spending as realistically as possible.

Here are five budget-related errors commonly made by small businesses and some tips for avoiding them.

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