Stuck in the Middle: The Sandwich Generation
The term “sandwich generation” was initially coined to describe baby boomers who were squeezed between raising children and caring for aging parents.
Could You Be Hit with the Trust Fund Recovery Penalty?
If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.
Who Can Take the Home Office Deduction?
Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes.
Deduction vs. Credit
Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work.
Medicare Premiums May Lead to Tax Savings
Suppose you pay premiums for Medicare health insurance. In that case, you may combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return.
Get a Jump on Tax Planning
Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions.
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