With so many misconceptions around trusts, it's easy to understand the confusion about the benefits of a revocable living trust. A living trust (also called a revocable trust or revocable living trust) can be beneficial to a much broader group of Americans than most...
The House has passed a bill to expand the child tax credit (CTC). The proposal would phase in a refundable portion of the CTC and increase the maximum refundable amount per child to $1,800 in the tax year 2023, $1,900 in the tax year 2024, and $2,000 in the tax year...
What are estate taxes? There are many factors that you should consider when designing an estate plan. One of the most significant is taxes. The act of giving away your property may be subject to taxes on the federal level, state level, or both. These tax liabilities...
It takes about nine hours for most people to do their taxes—more than enough time to mess something up.Filing errors come in many forms. Taxpayers can forget to report interest, or make a math mistake. Fixing the problem before the Internal Revenue Service finds it...
Certain retirement plan and IRA limits are indexed for inflation each year, and 2024 saw increases in many figures. Some of the key numbers are listed below, with the corresponding limit for 2023. (The source for the 2024 numbers is IRS Notice...
There’s a strong correlation between money and happiness . Unfortunately, it is a reality that has an impact on our overall contentment. In fact, financial matters are a common cause of divorce, with 22% percent couples citing their finances as the reason behind their...
Almost anyone can set up a traditional IRA. The only requirement is that you generally must have taxable compensation (typically, salary or wages from your job) in order to put money into an IRA. Beyond that, the basic mechanics of setting up an IRA are pretty...
Nir Zicherman was a mediocre law student having trouble landing a summer internship. On his way to an interview, he got in an elevator and made a joke to the woman next to him, who was holding a tray of coffee cups.“You must really like coffee,” he said. It changed...
Three federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles).The new clean vehicle tax credit can be either a personal or a general business tax credit, depending on...
Here are some things to consider as you weigh potential tax moves between now and the end of the year.1Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. For example, you may be...