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How Catch-up Contributions to Your Retirement Account Can Make an Impact 1275 750 smolinlupinco

How Catch-up Contributions to Your Retirement Account Can Make an Impact

If you’re 50 or above, you can likely make extra “catch-up” contributions to your tax-favored retirement accounts. You might wonder if this is worth the trouble; the answer is “Yes!”  Here are the ground rules for getting started with catch-up contributions. The lowdown on IRAs  Eligible taxpayers can make extra catch-up contributions of up to…

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Are You Married and Not Earning Compensation? You May Be Able to Put Your Money in an IRA 1275 750 smolinlupinco

Are You Married and Not Earning Compensation? You May Be Able to Put Your Money in an IRA

For married couples, if one spouse is unemployed or busy with the daily grind of unpaid care and domestic work, it can be challenging to save as much as you need to enjoy a comfortable retirement. This can feel stressful, but you do have options. Generally, an IRA (Individual Retirement Account) contribution is only allowed…

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What to Do When You’ve Been Asked to Serve as an Executor 1275 750 smolinlupinco

What to Do When You’ve Been Asked to Serve as an Executor

If a family member or friend has asked you to serve as executor of their estate, it’s critical that you understand the responsibilities and potential risks before you sign on. Note that you are not required to accept this appointment, but once you do, it can be difficult to extricate yourself if you change your…

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2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers 1275 750 smolinlupinco

2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

For business owners and other employers, it’s essential to keep up with important tax deadlines, even in the summer months. The following is a list of key tax-related deadlines for the third quarter of 2023.  Deadlines July 31st  Report income tax withholdings and FICA taxes for the second quarter of 2023 using Form 941, and…

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Prepare for an Uncertain Federal Gift and Estate Tax Exemption Amount with a SLAT 1275 750 smolinlupinco

Prepare for an Uncertain Federal Gift and Estate Tax Exemption Amount with a SLAT

For 2023, the federal gift and estate tax exemption amount is set at $12.92 million (or $25.84 million for married couples). However, in the absence of action from Congress, on January 1, 2026, it’s scheduled to decrease to a mere $5 million ($10 million for married couples).  According to current estimates, those numbers are expected…

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Ease the Burden of Being a Member of the Sandwich Generation with these Action Steps 1275 750 smolinlupinco

Ease the Burden of Being a Member of the Sandwich Generation with these Action Steps

Are you raising children and supporting aging parents at the same time? If so, you can count yourself among those in the “Sandwich Generation,” a cohort “squeezed” by the demands of caring for children and older adults.  While providing for your parents later in life may be gratifying, it can also be time-consuming. Deciding how…

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Is QuickBooks Right for your Nonprofit? 1275 750 smolinlupinco

Is QuickBooks Right for your Nonprofit?

Nonprofit organizations are created to serve nonfinancial or philanthropic goals rather than to make money or build value for investors. But they still need to keep track of their financial health, paying attention to factors like: How much funding is coming in from donations and grants How much the organization is spending on payroll How…

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What are the Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions? 850 500 smolinlupinco

What are the Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions?

Certain businesses may be allowed to claim large first-year depreciation tax deductions for eligible real estate costs instead of depreciating them over several years. Is this the right choice for your business? You may assume so, but the answer is not as simple as it seems. Qualified improvement property For eligible assets placed into service…

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Handle with Care: Including a Family Vacation Home in your Estate Plan 1275 750 smolinlupinco

Handle with Care: Including a Family Vacation Home in your Estate Plan

The fate of a family home can be an emotionally charged estate planning issue for many people, and emotions often run high when dealing with assets like vacation homes that can have a special place in one’s heart. With that in mind, it’s essential to address your estate planning carefully when deciding what to do…

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The IRS has Just Announced 2024 Amounts for Health Savings Accounts 850 500 smolinlupinco

The IRS has Just Announced 2024 Amounts for Health Savings Accounts

Recently. the IRS released updated guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust established or organized exclusively for the purpose of covering the “qualified medical expenses” of an “account beneficiary.”  An HSA can only be established for the advantage of an “eligible individual” who is…

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Traveling for business this summer? Here’s what you can deduct 1275 750 smolinlupinco

Traveling for business this summer? Here’s what you can deduct

If you and your employees are hitting the road for work-related travel this summer, there are several considerations to keep in mind. To claim deductions under tax law, you must meet specific requirements for out-of-town business travel within the United States. These rules apply if the business you’re conducting reasonably requires an overnight stay. Note…

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Pay Attention to These DOs and DON’Ts When Deducting Business Meal and Vehicle Expenses 1275 750 smolinlupinco

Pay Attention to These DOs and DON’Ts When Deducting Business Meal and Vehicle Expenses

If you plan on claiming tax deductions for auto expenses or business meals, you should expect them to be closely reviewed by the IRS.  In some situations, taxpayers may have incomplete documentation or try to create records months or years after the fact. In doing so, they fail to meet the strict substantiation requirements that…

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