Tax Credits vs. Tax Deductions – The government can provide a tax deduction or a tax credit to incentivize specific activities. Tax deductions reduce income subject to tax, whereas tax credits reduce the amount of taxes owed. Which is more valuable? As with most tax answers, it depends on the situation.

The Adult Survivors Act, a law recently signed by New York Governor Kathy Hochul, will go into effect on November 24, 2022, and provide a one-year window for individuals to bring certain previously time-barred sexual offense claims, regardless of when the alleged act occurred.

In October 2022, the EEOC released a “Know Your Rights” poster, updating and replacing the previous “EEO Is The Law” poster. The covered employers are…

If someone dies with a will, their will specifies who receives their property and who is in charge of settling their estate (called the executor). Beneficiaries can feel slighted by what they did or didn't receive, and some individuals are entirely excluded from inheriting anything at all. The legal process of challenging the validity of a will is called a will contest (or “contesting a will”).

The U.S. Department of Labor (DOL) has issued its anticipated proposed rule to clarify who is an independent contractor under the federal Fair Labor Standards Act (FLSA). Under the current 2021 rule, two “core factors,” those being control over the work and opportunity for profit or loss, carried greater weight than “non-core factors” in determining the status of independent contractors. The 2021 rule, which remains in effect until the proposed rule can be finalized, made it easier for employers to classify workers as independent contractors rather than employees.

STATE PLANNING USING 1031 EXCHANGES AND DELAWARE STATUTORY TRUSTS: Section 1031 of the U.S. Tax Code allows investment property owners to defer capital gains taxes and depreciation recapture by exchanging their relinquished property for “like-kind” replacement property.

Pell vs. Non-Pell: Loan forgiveness of up to $10,000 is available to non-Pell Grant recipients and up to $20,000 for Pell Grant recipients. Only Federal Student loans are able to be forgiven. Loans held through a private lender are ineligible for this program.

Did you know a business bank account doesn't have the same protections as a personal bank account when it comes to fraud? If a hacker takes money from your business account, the bank is NOT responsible for replacing it. Many people erroneously believe the FDIC protects you from fraud; it does not.

Even though no one wants to imagine themselves incapacitated by trauma or disease, it happens to people every day. Medical advance directives are legal documents that outline the details of your advance healthcare planning.

When it comes to home ownership, the IRS considers a home to be a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains a sleeping space, toilet, and cooking facilities.

Now that you've sent your child(ren) off to college, you and your child(ren) will need to take some simple steps to ensure that, in the event of an emergency, you will be able to make health care and financial decisions for your child(ren) and have access to your child(ren)’s medical information and financial account if your child(ren) are age 18 or older. The same is true if you are to have access to your child(ren)’s educational records.

SEPTEMBER IS NATIONAL PREPAREDNESS MONTH: Everyone, from individuals to organizations and businesses, can start now