The Accounting & Taxes Newsletter offers monthly updates to keep you current on changing tax laws. Please feel free to read our client newsletter and share it too. It is provided to keep you up to date on the latest tax and accounting news.
Recent legislation is taking a broad sweep at retirement accounts. While many of the rule changes are implemented over a number of years, some of them are important to know about right away. Summarized in this issue are some of the more important provisions.
With the pending flow-through filing deadline on March 15th, it is important to understand the nasty late-filing penalty the IRS imposes. So if this impacts you and your side business, review this article.
There are also ideas to help review your homeowner's insurance policy and a great article outlining tips to think about if you are looking to supplement your income during retirement.
As always, feel free to pass this information on to anyone that may find it useful and call if you have any questions or concerns.
Read the Client Update Newsletter: March 2023
The SECURE Act 2.0, passed by Congress in late 2022, features numerous ways for you to save more money in your tax advantaged retirement accounts. Here are several of the bill’s provisions and what they mean for you.
March 15th is the tax-filing due date for calendar year S-corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty.
The penalty is calculated based on each month the tax return is late multiplied by each shareholder or partner. So a business tax return with no tax due, filed on April 16th, could cost a married couple who jointly own an S-corporation $880 in penalties!*
Here are some ideas to help you avoid penalties:
If you haven't filed your S-corporation or partnership return for 2022, there's still time to get it done or file an extension. Please call if you need assistance.
* The penalty calculation for 2022 S-corporations and partnerships is $220 for each month or part of a month (up to 12 months) the return is late, multiplied by the number of shareholders or partners. So an S-corporation or partnership return filed on April 16th is considered two months late!
Looking for a way to tackle insomnia? Read your homeowners insurance policy. Kidding aside, it’s worth the effort. This is especially important as insurance costs are going through the roof and too many surprises occur when you need your insurance after an event requires you to file a claim.
Here are some areas that may require a review.
With homeowners insurance premiums skyrocketing, now is the time to really understand your coverage and the underlying risks you are absorbing. Remember, our natural tendency is to avoid the small print, but by understanding the natural tendencies of insurance companies to shift more of the burden from them to you, this knowledge can be used to motivate yourself to spend some time reviewing the details.
You may be one of many Americans who plan to work into retirement. Some report they need to work because their savings declined over the past several years, while others say they choose to work because of the greater sense of purpose and engagement that working provides.
Whatever your reason for continuing to work into retirement, here are some tips to get the greatest benefit from your efforts.