If you’re an empty nester or just ready to reduce the time and effort involved in maintaining a larger home, you’ve probably thought about downsizing. With a smaller property, you could save money in reduced utility bills, property taxes, and…
Many of us make new year’s resolutions – new habits we want to cultivate in order to achieve our goals. Amid your weight loss and other self-improvement intentions, here are some financial goals to consider: Review your investments. With market…
Are you an avid collector of a specific item, such as trading cards, rare coins or antique toys? Not only can collecting be an enjoyable hobby, but it also can be financially lucrative if you buy and sell collectibles in the…
Do you own a vacation home? If so and you rent it to third parties, you may be confused about the federal income tax rules that apply. Confusion is especially common if you changed your usage pattern during the pandemic. It…
Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis. Plus, recent legislation has enhanced some of the credits for 2021. Here's an overview of four key tax credits for families…
Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or as remote office locations. But this could cause adverse…
You've worked a lifetime to build your wealth and understandably want to pass much of it on to your loved ones. Estate plans are designed to help you do that in the most tax-efficient way possible. But first, to ensure you…
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here's the story.…
When working with business owners, we sometimes see a significant amount of cash held in the business checking account or some type of interest-bearing account. This may be for many reasons, but often it’s because they like having an abundance…
The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The law is titled the Consolidated Appropriations Act of 2021 (CAA) but two sections…