Tag: consulting

Are you worrying too much about running out of money in retirement?

This article is reprinted by permission from NerdWallet.  Many U.S. households retire without enough money to maintain their pre-retirement standard of living. Once retired, though, people often reduce their spending enough to make their money last, according to a recent study by David Blanchett, head of retirement research at Morningstar, MORN, +0.02% and Warren Cormier, […]

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When can I deduct business meal and entertainment expenses under current tax rules?

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target. If you’re confused about what rules currently apply, I don’t blame you. This column aims to eliminate confusion. That’s an optimistic goal, but here goes. A 2020 COVID-19 relief bill made taxpayer-friendly changes A taxpayer-friendly change in the CAA […]

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The child and dependent care tax credit is more lucrative than ever — but there’s one important caveat

The $1.9-trillion stimulus package known as the American Rescue Plan Act (ARPA) includes major changes to the longstanding federal-income-tax child and dependent care credit (CDCC). Unless you are in the high-income category, the changes are favorable. There’s a catch: the changes are temporary. Here’s what you need to know, after first covering some necessary background […]

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If you’re self-employed, don’t file your taxes without taking advantage of these two new tax breaks

We are well into tax season. But if you’re a busy self-employed sole proprietor, partner, or LLC member, you might not have gotten around to filing your 2020 Form 1040. If so, you are forgiven. The good news: if you’ve stayed on the sidelines so far, it could actually turn out in your favor — […]

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