SECURE 2.0 —
New tax benefits for retirement savers
The long-awaited SECURE 2.0 Act, enacted at the end of 2022, expands on the improvements made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). Now individuals can save more and save longer for retirement, at a lower tax cost. This article details the highlights of the new law. A sidebar explains which provision of SECURE 2.0 requires a technical correction due to a drafting error.
Many new businesses were formed by people who found themselves unemployed in the early months of the pandemic or by entrepreneurs who saw business opportunities in the remote working environment. Although the surge has leveled off a bit, the current rate of new business creation remains substantially higher than before the pandemic. Starting a new business isn’t cheap, and many expenses are incurred long before the business officially opens. This article answers frequently asked questions about deducting start-up costs for federal income tax purposes.
Among many other things, an estate plan can help ensure one’s family will be taken care of per his or her wishes after death. While no one likes to contemplate his or her own mortality, for those ready to begin the process of drafting an estate plan, this article provides five pitfalls to avoid.
These brief tips detail how SECURE 2.0 enhances the use of qualified charitable distributions; explore potential tax pitfalls of renting property to family; and explain how starting in 2024 employers can set up emergency savings accounts for certain employees.