Taxes

As a small business owner or aspiring entrepreneur, you need to be aware of a new reporting requirement under the Corporate Transparency Act (CTA) passed in 2021. By 2024, businesses must report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This applies to individuals owning more than 25% of a company, directly or indirectly, and includes details like name, date of birth, and address. The CTA aims to combat money laundering by increasing corporate ownership transparency. Non-compliance can result in significant penalties, so consult a tax, legal, or accounting professional for guidance. Visit FinCEN's website for more information.

Retirees face several unique challenges when managing their income, particularly when it comes to taxes. From understanding how taxes relate to Social Security and Medicare to determining when to tap taxable and tax-advantaged accounts, individuals must juggle a complicated mix of factors. Putting together a retirement-income strategy that strives to manage taxes is a complex task indeed. Investors may want to seek the help of a qualified tax or financial professional before making any final decisions

Here are some things to consider as you weigh potential tax moved between now and the end of the year. Some considerations include deferring income to next year, deductible charitable contributions, deductible retirement plan contributions, and tax-loss harvesting.

When your children are grown and leave home, you are released from being the financial “provider”...