There are many different types of life insurance options. Not every option makes sense for every situation, so it's important to ensure your life insurance plan makes sense for your overall estate plan.
If you adopted someone or started the adoption process in the year 2023, take a moment to locate your adoption papers. This is because you might qualify for an Adoption Tax Credit, which can be applied to international, domestic, private, and public foster care adoption.
Let's say you're a small business that doesn't have enough employees to warrant an entire human resources department. At the same time, the idea of manually doing payroll just doesn't suit you.
Your recordkeeping system should include a summary of every transaction that takes place in your business' name. Make sure you maintain and update a summary of all business transactions.
In a recent announcement, the IRS is reminding would-be entrepreneurs of the importance of understanding the tax implications of setting up their own businesses. To start with, you have to choose a form for your business. Your choice has a lot of implications for taxation and management, so give this a lot of thought. Here are some examples:
Health care is expensive, more people are living longer and the market is on a roller coaster. Worrying about running out of money in retirement is not unfounded. But with financial planning, you can get some breathing room, so you can face retirement with ease rather than stress.
Mortgage interest rates rose throughout most of 2023, soaring above an average of 7% for a 30-year, fixed-rate mortgage at one point. This meant that few homeowners refinanced their mortgage loans last year. After all, the main goal of a refinance usually is to end up with a new loan with a lower interest rate. That didn't happen last year.
A sad truth is emerging: The most common trend in work-from-home may be a regression in gender equality. Studies show women appear to be doing the same or more tasks on the domestic front. When the pandemic first struck, hopes ran high that radical changes in flexible work-from-home patterns would catalyze gender equality, creating a more level playing field between spouses. With men doing more around the house during the lockdown, would more equitable gender norms evolve?
An imbalance has persisted for decades. Workplace culture is likely a main driver, which still promotes a norm that for men, work comes before caregiving. Nevertheless, since 1965, men have greatly increased their time spent on child care and housework, from 6.5 hours a week to 18 hours a week, according to Pew Research.
Unable or unwilling to work with the IRS yourself? No problem! There are multiple ways to authorize someone to work on your behalf. The IRS has established four basic levels for third-party help:
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