Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about whether spousal benefits can increase total benefits for a person with a public pension, if spousal benefits begin automatically when the other spouse files and when excess spousal benefits are paid if the recipient already gets retirement benefits. Larry Kotlikoff is a Professor of
Taxes
US President Joe Biden speaks about the American Rescue Plan and the Paycheck Protection Program … [+] (PPP) for small businesses in response to coronavirus, in the Eisenhower Executive Office Building in Washington, DC, February 22, 2021. – The Paycheck Protection Program (PPP) has been a key lifeline to businesses amid the Covid-19 crisis, but
If your tax lawyer or accountant costs you extra taxes, and reimburses you for those extra taxes, can the IRS tax the reimbursement? It might seem like the answer should be no, but it can be hard to convince the IRS. Take the case of Joseph M. McKenny v. U.S., 2020 WL 5167333 (11th Cir.
Whether you are in Palm Springs, West Hollywood or even San Francisco you will you will likely owe … [+] California Taxes. Getty Images for Land Rover With more than 40 million people officially living in California, the great weather and beautiful beaches must be doing something right. The hurdles to be financially successful in
Touch screen, fingerprint scanner, biometric identity of a woman’s hand in a blurred background . getty There’s a new wave of class action lawsuits, and biometric data privacy is the target. Biometric technology is the engine that powers things like the touch ID or facial recognition software on your cellphone, your fingerprint scans at the
Getty getty Over the last few years there have been a lot of changes in required minimum distributions (RMDs) for IRAs and other retirement plans. It’s important to know the current rules, so you don’t pay more income taxes than you need to or incur the highest penalty in the tax code. The penalty for
Virtual currency is one of the few success stories of 2020. In March of 2020 Bitcoin was around $4,000 per Bitcoin, and by December 2020 it was up to just below $30,000 per Bitcoin. Investors and market watchers were not the only ones paying attention to the meteoric rise of virtual currency – the Department
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how vacation pay can be counted regarding the earnings test, whether benefits for a disabled child are automatic or must be separately filed for and whether restricted application must be made in person or can be done online. Larry Kotlikoff is a Professor of
SAN FRANCISCO, CA – DECEMBER 01: The Salesforce Tower, the city’s highest building, on December 1, … [+] 2020 in San Francisco, California. Recent workforce changes are leading to speculation about the tower’s future. (Photo by Stephen Lam/Getty Images) Getty Images As we approach the grim metric of 500,000 deaths due to Covid-19, analysts are grappling with
WASHINGTON, DC – FEBRUARY 22: U.S. President Joe Biden speaks during an announcement related to … [+] small businesses at the South Court Auditorium of the Eisenhower Executive Office Building February 22, 2021 in Washington, DC. President Biden announced changes to the Paycheck Protection Program aimed at helping small and minority-owned business to qualify for
Old-fashion steel fountain pen with Form 1099-MICS words printed by typewriter getty Failing to send a 1099 can have some really nasty implications, so a lot of us are careful to not miss sending one out when required. Unfortunately, you can also get in trouble for sending one that should not have been sent if the
Getty getty Americans have started to file their 2020 tax returns. After a tumultuous income year, it will not be an easy tax season. But for individuals who are independent contractors, often called gig workers, filing taxes can even be more challenging, even in normal times. Unlike W-2 employees, gig workers typically report all of their income
Tax Season is here- what you need to know now about 2020 tax filing. Pictured President Biden. Getty Images COVID-19, stimulus payments, PPP Loans, unemployment benefits, and working remotely are a few of the factors that could make filing your 2020 taxes more interesting than in a typical year. Throw in sky-high values in the stock
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how spousal benefits are calculated, a potential way to reverse a benefit reduction due to a temporary circumstance and paying Social Security taxes when self-employed. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,
The Small Business Administration (“SBA”) requires borrowers to complete SBA Form 3509 (for-profits) if together with their affiliates, the borrower(s) received Paycheck Protection Program (“PPP”) loans totaling $2 million or greater. The Form was created by the SBA in order to evaluate the borrowers good-faith certification surrounding the need for funding due to current economic uncertainty
1960’s US postage stamp honoring Thoreau. getty One of the favorite sayings of my first managing partner the late Herb Cohan was “I’d rather owe it to you than cheat you out of it.” To be honest, like some of the other sayings, it was never clear exactly what it meant. Nonetheless, I think it sums
If your employer lets you make changes to your workplace healthcare elections for 2021 under new … [+] Treasury guidance, it could cut your tax bill. getty Wish you could change your health plan for 2021? In newly released guidance on new flexible rules for healthcare and dependent care FSAs, the Internal Revenue Service has included
Young woman shops online while at home. getty The pandemic-driven recession is hitting the budgets of non-income tax states like Texas and Florida more than than the rest of the country. Data from the Urban Institute shows that these two states have suffered some of the highest revenue losses since March 2020. Florida’s total tax
A now hiring sign is displayed at a CD One Price Cleaners in Schaumburg, Ill. Applications from … [+] laid-off workers rose 13,000 from the previous week, which was revised sharply higher, the Labor Department said Thursday, Feb. 18. (AP Photo/Nam Y. Huh, File) ASSOCIATED PRESS More Republican-led states are still dealing with big revenue
A model house model is placed on wood word TAX . as background property real estate concept with … [+] copy space for your text or design. getty Although few in the United States are unfamiliar with the term “commuter,” it is less likely so with “road warrior,” a term applied to business owners and