The current American economy is characterized by inflation, rising credit card debt, and the looming threat of a recession. As a result, small to medium-sized business owners face many challenges. A recent report indicating a GDP growth of 1.6% in the first quarter of 2024 – well below the expected 2.5% – alongside predictions of a recession by mid-2024, indicates the urgency business owners [...]
Article Highlights: Understanding Emergency Savings Accounts Plan Contributions Automatic Enrollment Opting Out of Automatic Enrollment Roth-Like Basis and Employer Matching Contributions Withdrawals and Transition Options In a significant move to enhance the financial resilience of American workers, a delayed provision of the SECURE 2.0 Act, enacted in December of 2022, introduced a novel feature, the Pension-Linked Emergency Savings Account (PLESA) which became effective in [...]
Article Highlights: Why Kiddie Tax Unearned Income Exceptions Understanding Kiddie Tax Rules Strategies for Children with Earned Income Parental Election to Include Child's Unearned Income Strategies to Avoid the Kiddie Tax In an effort to prevent high-income parents from exploiting tax benefits by shifting their investment income to their children, who typically fall into lower tax brackets, the U.S. Congress introduced the "Kiddie Tax" [...]
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