Imagine this. If you put $100K away for 150 years, at 8% your grandchildren or your great grandchildren would be worth a BILLION dollars.
Estate planning is about defining and living out your legacy during your lifetime. It enables you to enjoy the impact your plan has on the people and organizations you support. But there are a lot of myths that still need debunking:
When the COVID-19 pandemic started, no one could have envisioned how long remote work would last or how many people would want to continue working remotely on a permanent basis. Along with the many problems this created in the workplace is one that affects how remote workers pay state and local taxes. In general, there is a difference between employees who work remotely because of their employers' necessity and those who do so for their own convenience. With hybrid work arrangements becoming a feature of the new workplace, employers should be very deliberate when they communicate and execute policies relating to an employee's work location.
If you're rehabilitating a historic home, know that there are tax credits you may be able to claim. The federal Historic Tax Credit program also encourages preservation and rehabilitation of significant buildings in a program that's administered by the National Park Service and the IRS.
Your business is doing well, and you want a way to share some of your firm’s profits with the people who helped create its success. The solution might seem obvious: create a profit-sharing plan based on the performance of the company.
Governor Newsom has a plan to spend $500,000,000 ($500 million) on fire prevention. My perspective on this is Wildfires are not just a California problem. I read recently where the following states all had a wildfire problem:These states and many more all suffered through extensive wildfires. Our climate is changing. I do not know to what degree we caused it, if at all. Whether one wants to recognize the problem or not, it is not just a California problem.
The Treasury Department and the IRS have issued Notice 2021-53, which provides guidance to employers about using Form W-2 to report the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. This is welcome news for many taxpayers, as this guidance covers the Families First Coronavirus Response Act as amended by the COVID-Related Tax Relief Act of 2020 and the American Rescue Plan Act of 2021.
How can you be sure that an insurance salesman is being honest with you? Talk to a broker instead of a corporate representative. Because Medicare brokers work for many different insurance companies, they can try to find the right fit for you rather than pushing one carrier. Your Medicare broker will be able to review all options available and search for a plan that most closely fits your individual needs and budget.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 generally extends through the end of 2021 four temporary tax changes originally enacted by the CARES Act. Here is a summary of the provisions (more details are available on the IRS site):
Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or if you receive an IRS notice.
You must keep records such as receipts, cancelled checks and other documents that support an item of income, a deduction or a credit appearing on a return. They may be needed to back up everything you put on your tax return, generally until the period of limitations for that return expires.
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