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How To Prepare Financially For Divorce
Preparing Financially for Divorce Perhaps the most important financial decisions in one’s lifetime are the decisions made during a divorce. The difference in making a right or wrong decision could have a tremendous life-altering effect for the rest of one’s life....
Year-End Tax Planning Checklist
Timing always plays an important role in year-end tax planning and 2020 is no different. However, with the unusual year that 2020 turned out to be, with the COVID-19 crisis, business shut-downs and high unemployment, the timing of reporting your income and deductions...
Unemployment Benefits May Result In An Unpleasant Surprise at Tax Time
If you are one of the 30 million+ Americans who have lost their job due to the coronavirus pandemic and have collected unemployment benefits, be prepared to owe taxes. NYS unemployment benefits as well as the $600 per week federal supplement provided by the CARES Act...
Tax Policies: Trump v Biden
What Trump and Biden tax policies could mean for your paycheck, tax return, investments and retirement savings.The person elected president of the United States in November 2020 will be tasked with managing the nation's most significant economic recovery since the...
Access to Retirement Funds through the CARES Act
Should you use the CARES Act to access your retirement funds? The CARES Act provides an option for individuals adversely affected by the Coronavirus to access their IRAs, 401(k) or 403(b) plans with favorable tax treatment. Qualified individuals...
Payroll Tax Deferral
The latest financial change due to pandemic is the Payroll Tax Deferral, whereby employers can opt not to withhold the Social Security tax (Medicare must be continued to be withheld) on employees whose annualized salary does not exceed $104,000 ($2,000 per week)....