The COVID-19 pandemic forced many employees to participate in a global experiment on the pros and cons of remote work. As a result, it’s here to stay for many businesses. A remote workforce offers distinct benefits, for employer and employees alike. But it’s important to keep in mind the tax implications. This article details potential tax surprises — for employees and employers — that may occur as a result of working remotely. A sidebar discusses whether remote workers can deduct business expenses.
Who are your beneficiaries? — Outdated beneficiary designations can sink your estate plan
“Nonprobate assets” are those that bypass more traditional estate planning vehicles, such as a will or revocable trust. Instead, they’re transferred to family members through beneficiary designations. Those who’ve designated beneficiaries for certain assets should review their choices periodically. This article provides best practices when reviewing beneficiary designations.
There’s a common misconception that Social Security benefits are tax-free. In fact, many people pay federal tax on a portion of their benefits. Recent inflation has resulted in a record 8.7% cost-of-living adjustment to Social Security benefits for 2023. But the tax brackets used to determine how much of your benefits are taxable aren’t adjusted for inflation. This means that some Social Security recipients will see their tax bills increase this year. This article takes a look at available strategies that can minimize these taxes.
These brief tips explain the importance of substantiation requirements for charitable donations; explore why it may make sense to turn down an inheritance; and answer the question of whether student loan forgiveness is taxable.