Apr 18, 2024 | Estate Planning, Personal Financial Planning
The FDIC made some changes, effective as of April 1, 2024, which it says will simplify deposit insurance rules for trust accounts. The FDIC outlined the key changes in an official statement: To make the deposit insurance rules easier to understand for depositors and...
Mar 19, 2024 | Personal Financial Planning, Tax News
You’ll be organizing your paperwork for tax season soon, so now is the time to consider your situation. Contrary to popular belief, you can appeal IRS decisions, but you better have a serious case. Don’t pursue tax cases on frivolous grounds! You should...
Feb 22, 2024 | Personal Financial Planning, Tax News
When selling your home, you might qualify for the opportunity to exclude part of, if not all, the gains you make from the sale from your income. However, for this possibility to apply to you, it is vital that you meet certain ownership and use tests. In other words,...
Feb 15, 2024 | Personal Financial Planning, Tax News
The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for each of their qualifying dependents who cannot be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent, directly reducing the...
Feb 13, 2024 | Personal Financial Planning, Tax News
The Child Tax Credit is for individuals who claim a child as a dependent if the child meets certain conditions. The Child Tax Credit was created in 1997 and has been expanded several times since, most recently in 2020. The COVID-19 pandemic profoundly affected how,...
Jan 30, 2024 | Personal Financial Planning, Tax News
The Internal Revenue Service has announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing about $1 billion in...
