Hike in Social Security Benefits Announced for 2025

Hike in Social Security Benefits Announced for 2025

2025 Cost-of-Living Adjustment (COLA) change The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025, another rate drop versus last year’s increase of 3.2%. The increase is...
Understanding Tax Terms: Contemporaneous Records

Understanding Tax Terms: Contemporaneous Records

Understanding Tax Terms: Contemporaneous Records If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the...
Those Pesky Records!

Those Pesky Records!

What do I need to keep? Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three years from...
Estate Taxes: What EVERYONE Should Know

Estate Taxes: What EVERYONE Should Know

Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The most recent change is...
How to Maximize Deductions for Assisted Living

How to Maximize Deductions for Assisted Living

It’s possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by...