by Paula Kennedy, EA | Dec 28, 2022 | Blog, Uncategorized
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg. If you’re not already...
by Paula Kennedy, EA | Dec 19, 2022 | Blog, Tax, Uncategorized
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed under this rule: if you sell stock or securities for a loss and buy...
by Paula Kennedy, EA | Nov 30, 2022 | Blog, Tax
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions: Donating to charity In 2022, in order to receive...
by Paula Kennedy, EA | Oct 31, 2022 | Blog, Tax
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also...
by Paula Kennedy, EA | Oct 19, 2022 | Blog, Tax
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022,...
