Feds Make Retirement Dollars Available In Disasters Like L.A. Fires
The IRS has sent out a notice explaining how the SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Who is eligible? A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was […]
Form W-2: The Basics

In many ways, Form W-2 is simple and straightforward: You enter information that is already available from payroll and personnel records. You then use your employer identification number and, in most cases, a state ID number to complete most of the form. The main challenge comes when entering this data accurately into the fields on […]
IRS: Time To Gear Up!
In a December 2024 release, the IRS said it was continuing to improve taxpayer services to help people prepare for tax season with more digital tools and options available. Even though you’re working with a tax pro, there are things you can do in advance to help yourself. The IRS’s Get Ready page on IRS.gov offers practical […]
Is Your Side Hustle a Business or a Hobby?
Your side hustle brings in a bit of money, but you still consider it a hobby. Which is it — business or recreation? It is important to make the right choice when you file your taxes. Below are some of the factors to consider, all of which should be weighted equally, in trying to decide […]
Important Tax Tips for 2024
The U.S. tax code is complicated and often hard to understand, with many provisions, credits and disallowances. Let’s review a few credits that many people are interested in, as well as how to respond to the IRS if you get married — or get a taxes-due notice. The Employee Retention Credit The ERC was implemented […]
The IRS Announces Inflation Changes for 2025
The following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Unchanged for tax year 2025 Not everything changes. By statute, certain items that were indexed for inflation in the past are currently not adjusted: Again, this is just a summary. […]
Who Needs a Trust — and When
A will is an important way to distribute your assets, financial and otherwise. One major limitation of a will is that you have to die before it can become effective; in other words, if you’re incapacitated, a will has no legal effect, so any health care proxies or durable powers of attorney you might have […]
Are You Ready for Retirement?
When you retire, your income will most probably be lower than when you were working, and while your expenses will be lower in some areas — no more commuting — they’ll be higher in others — more prescriptions and doctors’ visits. You’ll be balancing your Social Security benefits, Medicare premiums, taxes and savings, along with […]
What is Probate?
In legal terms, probate is the general administration of your estate — with or without a will. Your will should contain the name of your executor. If it doesn’t, then an administrator will need to carry out the probate process instead. This might result in your assets being used to pay the liabilities for your […]
Exploding Some Estate Tax Myths
If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion’s share of their estate. But even though estate taxes are real and rates are high, […]