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Year-End Tax Wins: Tax-Loss Harvesting
Year-End Tax Wins: Tax-Loss Harvesting Tax-loss harvesting is a strategy where investors strategically sell investments at a loss to offset capital gains, reducing their tax liability. It's especially valuable for offsetting short-term capital gains, which are typically taxed at higher
IRS Temporarily Halts New ERC Claims
IRS Temporarily Halts New ERC Claims The IRS has temporarily stopped accepting new claims for the employee retention tax credit (ERC) because of scams. This pause began on September 14 and will continue until at least December 31, 2023. If
The Surge in State and Local Sales Tax Changes in 2023
The Surge in State and Local Sales Tax Changes in 2023 The first half of 2023 has witnessed a substantial increase in state and local sales tax changes, reflecting governments' growing reliance on indirect taxes to fund essential operations. These
Personal Income Taxes: A Global Comparison
Personal Income Taxes: A Global Comparison Income taxes play a crucial role in funding government operations, infrastructure, and public services. While most countries levy personal income taxes on their citizens, the rates can vary significantly from one nation to
Maximizing Your Social Security Benefits
Maximizing Your Social Security Benefits How to qualify for Social Security benefits: Need 40 credits to qualify for SS benefits 1 credit = $1,510 in earnings per quarter (2022) Example – To earn 4 credits in 2022,
Sources of Non-taxable Income
Sources of Non-taxable Income Although the IRS does want a share of most income, here are a few sources of income that are not taxed. Alimony - Alimony received from a divorce that occurred after December 31, 2018 is