Financial Cents

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If… Read More

Whether you’ve invested in Bitcoin and sold it at a profit or loss or received it for services performed, you’ll need to report it on your tax return. Here’s what… Read More

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are… Read More

If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need… Read More

As you approach retirement, it’s vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you… Read More

While it probably seems like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from… Read More

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee’s portion of the Social Security tax (i.e., the 6.2% FICA portion… Read More

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training,… Read More

It’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: 1. Backup… Read More

Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who… Read More

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving… Read More

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70… Read More