In 2020, a year when all income brackets benefited from lower tax rates, the stock market took a nosedive at the beginning of the pandemic. For investors sharp enough to see the opportunity, this was an ideal time to convert a traditional IRA into a Roth IRA.
When you conduct a Roth conversion, the assets are taxed at ordinary income … Read more
What if you could save enough for your child to go to college debt-free? It might sound impossible, but with dedication, hard work, and careful planning, you can do just that. According to Dave Ramsey, American personal finance advisor, here are the top three tax-favored plans to get started.
The Education Savings Account (ESA)
Otherwise known as the Education IRA, … Read more
In a continuously changing business environment, small businesses have a challenge to keep up. It’s especially expensive to keep pace with ever changing technology. Luckily, with affordable cloud accounting solutions, small businesses can maintain a competitive edge.
What is Cloud Accounting
Cloud accounting involves moving your business books online. Unlike desktop accounting systems, cloud accounting permits you to access accounting … Read more
Non-fungible tokens (NFTs) have exploded in use and popularity in recent months. NFTs have some special tax considerations to be aware of that can be different than fungible tokens, but before we get into that, let’s look at exactly what NFTs are.
What are NFTs
Economically speaking, fungible assets are those that can be broken down into units and readily … Read more
American Rescue Plan Act of 2021 (HR 1319) – This $1.9 trillion relief bill provides stimulus money to address the continued impact of COVID-19. Provisions include issuing $1,400 checks to taxpayers, increasing the Child Tax Credit up to $3,000 and the dependent care credit to $4,000, and providing funds for schools, small businesses, renters and landlords, increased subsidies for Americans … Read more
Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions in your tax organizer or during a meeting, raise … Read more
As businesses attempt to work their way through to a post-pandemic world, there are various means to bridge the financial gap. As recommended by the U.S. Small Business Administration (SBA), some companies can use a line of credit to reach international customers or opportunities outside the United States to make up for the damage COVID-19 caused with fewer domestic sales. … Read more
Now that the Keystone XL pipeline is being shut down and southern parts of the United States are experiencing extremely cold weather, how will increasing oil prices impact the economy as the COVID-19 vaccine is being rolled out?
With West Texas Intermediate (WTI) crude closing at $58.22 per barrel on Feb. 11, 2021, and likely higher due to the cold … Read more
If someone you know died from COVID-19 and had an existing life insurance policy, there should be no problem receiving the death benefit. The terms of a life insurance contract cannot be changed after purchase, so anyone with a policy before the pandemic will continue to be covered as long as premiums are paid.
However, the life insurance industry is … Read more
According to the National Bureau of Economic Research, in late spring of 2020 about half of American workers were working from home. Not surprisingly, many researchers believe that this pattern will continue after the pandemic is over. With this in mind, SmartAsset has examined the best cities to work from home in 2021 and evaluated them across seven metrics: percentage … Read more