Retirees Targeted by Tax Fraud: Can They Avoid This Surprise?
Many retirees are unfortunately becoming victims of tax fraud and scams. These scams not only steal their hard-earned retirement savings, but they can also leave them with a surprising tax bill. A recent report by the U.S. Senate Special Committee on Aging, chaired by Senator Bob Casey (D-Pa), revealed this troubling trend. The report found […]
Don’t Sweat This Summer: This Child Tax Credit is Your Secret Weapon
Summer break is a carefree time for children, but for working parents, it can be stressful to find childcare. The good news is that the federal government offers tax breaks for child tax credit that help to ease the financial burden of summer childcare. Let’s explore two options that can help you save money: Dependent […]
Financial Leadership Without the Full-Time Cost: The Fractional CFO Solution
Starting a business is exciting, but financial decisions can feel overwhelming. This is where a fractional CFO can step in and become a valuable asset for your startup. Think of them as an expert financial partner who can guide you on your journey to success. Fractional CFOs have years of experience and can help you […]
6 Benefits of Early Tax Filing: Save Money, Reduce Stress, and More!
Many people wait until the very last minute to file their tax returns, even though there are advantages to tax filing early. If you’re expecting a refund, filing sooner means getting your money back faster. Even if you owe money, there are still benefits to getting your return submitted early. The deadline to file your […]
Smart Tactics for Tax Savings in Wealth Transfer
Many people are living longer, and with age comes the need to consider how to pass on their assets to loved ones. This is especially true for the Silent Generation (people in their 70s and above) who hold a significant amount of wealth. Tax planning is crucial in this process to ensure your family inherits […]
The Great Wealth Transfer: Will it Shake Up the Markets?
Get ready for a massive shift in wealth! Over the next two decades, a whopping $84 trillion in assets is expected to change hands, according to Cerulli Associates. That’s right, trillions! This wealth transfer, primarily from baby boomers to younger generations like Gen X, millennials, and Gen Z, could significantly impact the markets. The big […]
Avoid These 6 Common Tax Mistakes To Prevent an IRS Audit
Tax season can be stressful. Filling out forms and gathering information can feel overwhelming, especially for first-time filers. There’s also the worry about getting audited by the IRS, which is increasing its audits on high-income taxpayers this year. An audit is basically a check by the IRS to make sure your tax information is correct. […]
Student Loan Forgiveness and Taxes: A Guide for Borrowers in 2024
If you had your student loans forgiven last year, you might owe state taxes. You might have received a tax form called 1099-C, which shows any cancelled debt. It’s important to report this when you file your taxes, just like any other income. Around 153,000 borrowers had their student loans forgiven recently. The good news […]
Tax Season 2024: Why Gen Z Finds Tax Filing So Stressful?
Filing taxes can be stressful for anyone, but a recent survey shows it’s particularly tough for Gen Z. The survey found that over half of Gen Z respondents (54%) have cried over filing their taxes. Even though they’re the most stressed group, they’re not alone – 38% of millennials also reported feeling overwhelmed by tax […]
2024 Tax Refunds: When, Where, and How to Keep Track of Yours
Tax season is here, and millions of refunds are already on their way, but how do you know when yours will arrive? The IRS opens e-filing in late January, so mark your calendar. By filing electronically and choosing direct deposit, you can get your refund in just 10 days, ditching expensive loans. You can also […]