July 2021

Did you ever think your Independence Day celebration would include liberating from your face mask?  This July should include some new fireworks with billionaires Elon Musk, Jeff Bezos, and Richard Branson launching tourists into space. It’s safe to say these entrepreneurs can afford the airfare but for most of us, we’ll need a retirement plan that includes a space travel budget. 

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Featured Articles

Should My Retirement Account Stay or Should it Go?
I’m not sure the Clash were talking about their retirement plans when they wrote the song “Should I stay or should I go” but it certainly would have fit the circumstances. Let’s look closer at the pros and cons of rolling over your defined contribution plan to an IRA when you change jobs. When changing jobs, you have several choices to make with the funds in your retirement account whether it be a 401(k), 403(b) or similar plan. You can cash out your retirement account, leave the account where it is, transfer the account to your new employer’s plan, or roll it over to an IRA account. For most people it makes no sense to cash out your account as taxes and potentially an early withdrawal penalty are too costly and not beneficial.
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Preparing for Unexpected Medical Expenses
A kidney transplant, spinal cord surgery or cranial surgery will cost $48,000 without insurance. Often times these medical expenses are financed by liquidating retirement funds, however this is not the long-term path to building financial security nor is it the most effective tax strategy.
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Advance Child Tax Credit Payments Start This Month
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here's what families need to know:
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Small Business: Understanding Payroll Expenses
Federal law requires most employers to withhold federal taxes from their employees' wages. Whether you're a small business owner who is just starting or one who has been in business for a while - ready to hire an employee or two - here is what you should know about withholding, reporting, and paying employment taxes.

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Employee Relocation: What Happens to Your Home?
Employees and small business owners often have questions about what to do with an employee's home - and what the tax consequences might be - when they move to a new job location. Here are some answers:
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Settling Tax Debt With an IRS Offer in Compromise
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not everyone can use this option to settle tax debt; the IRS rejected nearly 60 percent of taxpayer-requested offers in compromise. If you owe money to the IRS and wonder if an IRS offer in compromise is the answer, here's what you need to know.
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What Is the Net Investment Income Tax?
While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here's what you need to know.
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Tax Tips