New Filing Requirements for Small Business Owners: What You Need to Know
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by Chris Annello
1w ago
If you are a small business owner—or plan to be one—you should be aware of a new reporting requirement. The Corporate Transparency Act (CTA), passed in 2021, changed beneficial ownership rules, which is expected to impact 32 million businesses in 2024 alone. Suppose you own more than 25% of a company, directly or indirectly. In that case, you must be included in the company’s Beneficial Ownership Information (BOI) report, filed with the Financial Crimes Enforcement Network (FinCEN). This report includes your name, date of birth, address, and other identifying information.1 Your ownership ..read more
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Kick-start Your Child’s Financial Journey with a Roth IRA
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by Chris Annello
1M ago
Summer break is here, and many young people will be working at a summer job or internship. While earning a paycheck is exciting, it can also be an excellent time to consider opening a Roth IRA and contributing a portion of their summer earnings. Not only does this jump-start retirement savings from an early age, but it can also serve as a positive learning experience about the principles of saving, investing, and cultivating long-term wealth. The Roth IRA offers a unique combination of tax advantages and flexibility, making it an excellent choice for young savers. Here are a few key ben ..read more
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How Much Do You Need To Retire?
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by Chris Annello
2M ago
A few years ago, there were ads from financial services companies asking, “What’s your number?” The number was the money you needed to retire comfortably. This was an effective way for financial services companies to get people thinking about retirement and encouraging them to strive toward a specific monetary goal. But is asking for a number the right question? If you are serious about retirement, it’s not simply about how much money you have; it’s about how all your assets work together to fund the lifestyle you envision and other personal financial considerations, such as leaving a le ..read more
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Strategies to Protect Your Wealth with Estate Tax Changes Looming
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by Chris Annello
3M ago
At the end of 2025, portions of the Tax Cuts and Jobs Act (TCJA) are set to expire. Many changes will come with the sunsetting of many rules, including the possibility that federal estate and gift tax exemption levels will revert to pre-TCJA levels. What’s changing?1 Currently, you are subject to federal estate tax only if your individual estate is worth more than $13,610,000 for individuals or $27,220,000 for married couples. These levels are more than double those of pre-TCJA estate exemptions ($5,490,000 for individuals and $10,980,000 for married couples). If estate exceptions reve ..read more
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Give Your Children the Gift of Financial Literacy
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by Chris Annello
3M ago
As a parent, you are well aware of your responsibility in helping your children grow up happy and healthy. Once they enter their teen years, the pressure can build to impart more of your wisdom. One area you shouldn’t overlook is how to handle money. Helping your children develop basic financial skills is critical to preparing them for the decisions they may eventually make as they age. Laying a solid foundation in their formative years can help shape their lasting relationship with money. Money habits may not be taught in schools. If you think they will learn all they need to know in ..read more
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Does Your Child Need to File an Income Tax Return?
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by Chris Annello
4M ago
As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS does not exempt anyone from the requirement to file a tax return based on age, even if your child is declared as a dependent on your tax return.1 Your dependent children must file a tax return when they earn above a certain amount of income. Dependent children with earned income in excess of $13,850 must file an income tax return (for the 2023 tax year). Dependent children wi ..read more
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Rules and Regulation Changes that Could Impact Your Finances in 2024
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by Chris Annello
5M ago
In the ever-evolving financial landscape, staying informed about the latest changes and potential implications for your retirement savings is crucial. Shifts in retirement regulations define 2024, and we’re committed to keeping our clients abreast of these developments. The SECURE Act 2.0, enacted in late 2022, has dozens of provisions to encourage more people to save through the workplace and other plans, to help boost retirement savings, and to urge small employers to offer retirement plans. Some of the provisions went into effect in 2023. Others start in 2024, 2025, 2026, and 2027. While ..read more
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Potential Major Tax Changes Looming in 2025
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by Chris Annello
6M ago
With the start of the new year, we want to discuss a topic that will likely garner attention throughout 2024 – the potential sunsetting of the Tax Cuts and Jobs Act (TCJA) in 2025. Although some of the provisions within the Act are permanent, such as reducing the corporate tax rate from 35 percent to 21 percent, most individual tax changes are not. If Congress does not act to renew all or part of this law passed in 2017, there may be changes on the horizon for taxpayers.1 It’s important to remember that tax rules can change without notice, and there is no guarantee that the treatment of ce ..read more
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New Retirement Contribution Limits for 2024
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by Chris Annello
6M ago
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. Keep in mind that this update is for informational purposes only, so please consult with an accounting or tax professional before making any changes to your 2024 tax strategy. You can also contact your financial professional, who may be able to provide you with information about the pending changes. Individual Retirement Accounts (IRAs) Traditional IRA contribution limits are up $500 in 2024 to $7,000. Catch-up contributions for those over age 50 remain at $1,000, bringing the t ..read more
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2023 Recap and 2024 Outlook: Key Events and What May Be in Store
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by Chris Annello
8M ago
As we get ready to turn the page on 2023 and welcome the new year with all its possibilities, we’d like to take some time to reflect on the year that was—the notable events, trends, and developments that defined our economics, policy, business, and culture—and look a bit into the future to see what 2024 might bring. 2023 in Review Economy & Markets The economic picture in 2023 continued to be dominated by inflation and the Federal Reserve’s response to it. Inflation declined from 40-year highs but remained above the Fed’s 2% target. This led to more short-term interest rate hikes ..read more
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