These days, many employees at companies large and small are asked to sign an agreement when they're onboarded. It says that they're not allowed to work for a competing company, or to start a competing company, for a certain number of years after they part ways with their current employer.
Laws at both the federal and state levels require adult children to be financially responsible for paying for long-term care facilities and to seek reimbursement for unpaid bills. You may someday be on the hook for thousands of dollars' worth of care required by aging parents — but that's not the whole story.
More than half of all states and Puerto Rico hold adult children financially accountable in some way for expenses such as a parent's medical care and basic needs when that parent is impoverished. New Hampshire, on the other hand, has taken steps to limit children's responsibilities. Arkansas requires adult children to pay only for mental health care. Some states place time limitations on how long adult children are required to pay.
The coronavirus upended the lives of many college students who had to return home to learn remotely in order to try to slow the spread of the virus. At the same time, many students and their parents lost jobs or had wages reduced as part of the virus's economic fallout, impacting the ability to save and pay for college.
Attaining S corporation status has certain tax advantages. S corporations are treated as passthrough entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are discussed here.
The Child and Dependent Care Tax Credit is available to parents and caregivers who are either working or looking for work and who claim dependents on their tax return. The credit is available to those who care for children under age 13 or a spouse or dependent of any age who is physically or mentally incapable of caring for himself or herself.
Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead.
The varieties of instruments that can be used to create an investment portfolio are as vast as the night sky has stars. The possibilities range from tangible assets like a home, physical possession of gold bars, to creation of a wine collection that you bet your future on. Some of these investments are much more speculative than others.
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