How to max out your Social Security benefits

If you ‘semi-retire,’ know the effects of part-time income on your SS payout Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $21,240 in 2023 (up from $19,560 in 2022), you lose $1 in Social Security benefits. In the year you reach full retirement …
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5 common estate planning mistakes…and fixes

Estate planning involves a lot of moving parts. So you’d be forgiven for overlooking or forgetting about certain issues when making decisions about transferring wealth in the most tax-effective manner after you die. An experienced estate planner can help ensure you dot all the “i’s” and cross all the “t’s.” But if you’ve done some of …
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Bankruptcy for profit: How to spot a ‘phoenix’ company

When a company goes bankrupt, honest owners or directors do everything they can to hold creditors’ losses to a minimum. When it becomes clear the business can’t be saved, they halt trading (in the case of public companies), hire professional advisors to help guide them through bankruptcy proceedings and generally arrange for orderly liquidation. Print …
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Student loan debt? Ideas to reduce the burden

Print this page Interest starts accruing again on September 1 Starting September 1, 2023, federal student loans will begin accruing interest again. And loan payments will officially restart in October 2023. As part of federal relief measures during the COVID-19 pandemic, individuals with federal student loan debt weren’t required to make payments, and interest charges were …
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For builders and developers, UNICAP tax rules are complex

Print this page Section 263A is an often misunderstood and misapplied part of the Internal Revenue Code. And it’s one that many construction businesses — particularly homebuilders — and real estate developers should get a handle on to avoid unexpected tax issues and unwanted attention from the IRS. Let’s review the basics. UNICAP Rules Sec. 263A, …
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Supreme Court to hear challenge to repatriation tax

Tax applies to taxpayers with at least 10-percent stake in a controlled foreign corporation Print this page The Tax Cuts and Jobs Act (TCJA) will soon be put to a new test. The U.S. Supreme Court will hear the case of Moore v. United States. It involves a married couple who owned shares in a …
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Beating the heat with a cool tax break

Print this page Residential energy tax credit can help defray upgrades An estimated 190 million Americans, from Texas to Alabama, Arizona and beyond, have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool …
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When the Labor Dept. wants your ERISA documents: What to know

Print this page Document request probably signals start of civil investigation Question: Our company sponsors an ERISA health plan and has received a request from the U.S. Department of Labor for plan-related documents. Is this an audit? And if so, what should we expect? Answer: The request for documents probably does signal the beginning of a DOL …
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AMA: Physicians moving away from private practice

Print this page Shift to hospital-owned and larger practices In a striking reflection of the transforming healthcare landscape, a new study reveals a significant shift in physician practice arrangements over the past decade. The findings indicate a notable decrease in private practice ownership, with physicians increasingly opting for alternative models such as employment by hospitals …
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Physicians: Get a handle on your complicated financials

We often hear from physicians that their financial lives have grown so complicated that they really aren’t sure where all the money is going.  They’re not only dealing with the constant and unpredictable demands of their profession, but also with increasingly complex money management issues – accounts receivable, balance sheets, investments, taxes, cash flow, profit …
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