Reconciliation is the method of verifying the accuracy and consistency of your financial statements.Reconciliation also helps identify and explain any discrepancies that may arise...
An IRS relief procedure for certain former citizens was introduced in September 2019 to allow certain Americans to renounce their U.S. citizenship without paying taxes and fines.The...
Individual retirement accounts are saving plans that come with various restrictions. It stands out with the ability to allow taxpayers to defer tax payment on the proceeds and earnings...
Everyone that needs to pay for school fees using Coverdell ESA or 529 will likely get Form 1099-Q from the IRS. This reveals the entire withdrawal made in the year to cover your school...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Thanks to the Internal Revenue Service's (IRS) cost-of-living adjustment, you can save more money on retirement plans and health savings accounts (HSAs) by 2020. This year, good...
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
When you receive an inheritance, regardless of the amount, you need to understand how to get the most out of it. Depending on who left you the inheritance, you may have different emotions...
Posted by Elliot Kravitz, ATP on 06/11/2020
Saving for retirement is mandatory, and there are some retirement accounts in which users enjoy tax breaks for having money in their retirement account. Examples are 401(k)s, IRAs,...
Posted by Elliot Kravitz, ATP on 05/17/2020