Falls remain the leading cause of death in construction1, an industry that remains one of the most dangerous in the United States. Construction falls currently account for more than a third of all deaths in the industry.2 Tragically, over 300 workers fall to their deaths each year while performing their daily job functions.3 Though these losses are mainly preventable, we have not seen any [...]
Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations [...]
To say that things are uncertain right now when it comes to the economy is, in all probability, a bit of an understatement. Inflation is at levels we haven't seen in decades. Employment costs are rising across the board. Materials in a number of industries are more expensive than ever - if you can even get them at all thanks to still-ongoing issues with [...]
Article Highlights: Flexible Spending Accounts Common Features of an FSA FSA Allowable Medical Expenses Unused Amounts (Use It or Lose It) Health Savings Accounts Enrolled in Medicare Covered Under a High-deductible Health Plan HSA Contributions and Contribution Limits HSA as a Supplemental Retirement Vehicle FSA-HSA Comparison Table The tax code provides two tax advantageous plans for taxpayers to pay medical expenses. One is a [...]
Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you find yourself looking for a quick source of cash, your retirement savings may look like a tempting option. However, if you are under age 59½ and withdraw money from a traditional IRA or qualified retirement account, you will likely pay both income tax and a 10% early-distribution tax (also [...]
Article Highlights: Qualified Opportunity Fund Qualified Opportunity Zones Deferred Gains 5- and 7-Year Holding Periods 2026 End of Deferral 0-Year Holding Period A Qualified Opportunity Fund (QOF) is an investment vehicle which is organized as a corporation or a partnership for the purpose of investing in qualified opportunity zone property acquired after December 31, 2017. The QOF must hold at least 90% of its [...]
Article Highlights: Pay-as-You-Earn System Withholding and Payment Forms IRS On-line Withholding Estimator Situations Triggering Underpayments Safe Harbor Payments True Safe Harbor Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to substantial underpayment penalties. Even worse, they may have spent the money, and when tax time comes are unable to [...]
Vacant land insurance is a type of liability coverage. Its sole purpose is to protect the owner's interests if anyone is hurt on the property or sues the owner for injuries. How do I insure a piece of land? The easiest way to add land insurance is through your homeowner's policy. If you own a home, you can typically extend your liability coverage to include your [...]
Article Highlights: Required Minimum Distributions (RMD) Excess Accumulation Penalty Military Spouse Retirement Plan Participation Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Early Distribution Penalty Exceptions Credit For Energy Efficient Home Modifications Home Solar Energy Credit Credit For Small Employer Pension Plan Startup Costs Nanny Retirement Contributions Qualified Charitable Distributions Two recently passed pieces of tax legislation have brought about several tax changes [...]
A home insurance deductible is what you pay out of pocket to repair your home if you have a claim. For example, if you have a $500 deductible and $2,000 in repair costs, you'll pay $500 and Safeco will pay the remaining $1,500. You have a choice of deductible amounts; choosing a higher deductible lowers your insurance rate but requires greater out-of-pocket expenses should [...]
