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Dividend stocks provide a relatively low-risk strategy and a hedge in volatile markets. This is because they frequently pay out during turbulent times. For example, over the course of the COVID-19 pandemic, as pharmaceutical firms enjoyed a boost in revenues, some were ready to increase their dividends or pay out a one-off dividend bonus. However, […]

According to the Social Security Administration, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by more than $140 per month starting in January. Why the big bump? As the SSA […]

The operative word for business deductions is business. Generally speaking, the money that people spend to improve their appearances, their general health or their sense of well-being proves to be nondeductible personal expenses. Still, the line between business and personal is often so thin that the courts must intervene, notes Julian Block, who was with the […]

Are you having the right amount of taxes withheld from your paycheck? You should check at least once a year, or even more frequently if you’ve had a major life change. Right now, in the aftermath of a pandemic that upended many taxpayers’ financial situations, is a good time to check and to make changes […]

If you dither and procrastinate over creating even a straightforward will or simple trust, you put the future finances of your family and loved ones in jeopardy. You risk that the assets you have worked for a lifetime to accumulate or protect will not be distributed as you would wish. If you die intestate, without […]

The Financial Accounting Standards Board created ASC 606, which is essentially a standard that clarifies how businesses must go about recognizing their revenue. The ASC 606 revenue recognition standard provides a consistent, principles-based framework for all businesses, no matter the industry. The standard is designed to create a path that businesses within all industries can […]

Backup withholding is a certain method that the IRS implements as a way to make sure that the taxes that are associated with specific types of income are paid on time if not in general, especially if taxpayers have failed to properly report these taxes as part of their tax returns in the past. Payers […]

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. Also increasing is the catch-up contribution limit for employees aged 50 and over who participate in […]

Historians are making comparisons with the frustrating markets of the 1970s. In January 1970, the Dow Jones Industrial Average opened at 809. It closed the decade at 839, which represented a decline of 49%, adjusted for inflation. Few asset classes did well other than gold, silver and farmland (which rose 14% a year on average). […]

If you offer a 401(k) plan to your employees, the first thing you must figure out is whether it needs an independent audit. If you have 100 or more eligible employees at the start of the plan year, you need an audit. The essential word is “eligible.” So you have to include in your total […]