Retirees: You may need to take required minimum distributions (RMDs) from retirement plans and IRAs by Dec. 31. Generally, RMDs are amounts that must be withdrawn annually from most retirement plan accounts and IRAs once an account owner turns 72 (there are...
If your business makes structural adaptations or other accommodations for employees or customers with disabilities, you may be eligible for federal tax breaks. For example, there’s a (non-refundable) disabled access tax credit for small businesses that have expenses...
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions...
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to...
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast,...
The federal gift and estate tax exemption will be increasing to $12,060,000 for an individual dying in 2022 (from $11,700,000 in 2021). The Tax Cuts and Jobs Act doubled the exemption base amount from $5 million to $10 million, with the amount indexed for inflation....
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