Choosing legal guardians for your children is one of the most important decisions you’ll make. It's a big responsibility, but with careful thought, you can ensure your children are cared for as you would want.…
CTA Imposes New Small Business Reporting Requirements for 2024
Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect. The CTA, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places…
Life Happens: Update Your Estate Plan
Life is full of unexpected turns. You fall in love, get married, start a family, or unfortunately, experience loss. While these are significant milestones, they also signal a crucial time to revisit your estate plan.…
What Is an LLC Distribution?
A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC’s owners, also known as members. Although state law sets forth certain default rules,…
IRS Changes: $1,000 Penalty-Free IRA Withdrawals
The recent changes in IRS regulations, allowing penalty-free withdrawals of up to $1,000 from Individual Retirement Accounts (IRAs), mark a significant development in retirement planning policy. This update, implemented under the SECURE 2.0 Act, aims…
Can I Get My IRS Debt Forgiven If I Get Laid Off?
Facing a layoff is challenging, and dealing with IRS debt at the same time can be overwhelming. The good news is that there are options to manage and potentially reduce your IRS debt if you've…
Understanding Innocent Spouse Relief: Protect Yourself from Unpaid Taxes
Did you know that innocent spouse relief can relieve you from paying additional taxes if your spouse understated taxes due on your joint tax return and you didn't know about the errors? This relief can…
These states have the Lowest Income Tax Rates in 2024
Understanding the income tax landscape across the United States can help you make informed financial decisions. This guide highlights the states with the lowest income tax rates, offering insights into how these states manage taxation…
What is a Special Needs Trust? Understand Key Definitions and Benefits
Navigating the world of special needs trusts can be overwhelming, especially with all the unfamiliar terms and legal intricacies involved. Whether you have a special needs trust, are a trustee, or your child is a…
Why You Need a Will: Understanding the Consequences of Dying Without One
Navigating the complexities of estate planning can be daunting, but one thing is clear: having a will is crucial. Unfortunately, many people overlook this important document, leading to significant complications for their loved ones. This…