You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan. Plot it out Essentially, the road map is an informal letter [...]
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must [...]
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed [...]
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA [...]
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax [...]
If you have minor children, choosing a guardian to care for them should you die unexpectedly is one of the most important estate planning decisions you must make. It’s also one of the most difficult. So difficult, in fact, that avoiding it is one of the most common reasons [...]
Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself. Carefully designed financial and health care powers of attorney allow you to designate a trusted [...]
Newburg Staff Writers (4/27/21) Restaurant Revitalization Fund (RRF) The Small Business Association (SBA) announced it will begin accepting applications for its $29 billion Restaurant Revitalization Fund (RRF) on Monday, May 3rd. The RRF was introduced as part of the $1.9 trillion coronavirus-aid package that became law last month. It [...]
Newburg Staff Writers (4/23/21) The Biden Administration announced a new tax credit yesterday, for employers who offer COVID vaccine-related paid leave. The provision is a component of the recent American Rescue Plan Act released in March. This comes as the White House urges more Americans to get vaccinated, as [...]
Newburg Staff Writers (4/23/21) The federal estate and gift tax limits that are in place right now are some of the most favorable in recent memory, however these conditions probably will not last. As such, it is important to take advantage of these favorable conditions while they are still [...]
