IRA account value down? It might be a good time for a Roth conversion The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your […]
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Understanding and controlling the unemployment tax costs of your business
Understanding and controlling the unemployment tax costs of your business As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up […]
Watch out for tax-related scams
Watch out for tax-related scams “Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months. Fake property liens. A tax […]
Setting up a Health Savings Account for your small business
Setting up a Health Savings Account for your small business Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) […]
Use a Coverdell ESA to help pay college, elementary and secondary school costs
Use a Coverdell ESA to help pay college, elementary and secondary school costs There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions grow tax-free. […]
Selling securities by year end? Avoid the wash sale rule
Selling securities by year end? Avoid the wash sale rule If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss […]