by LittleOwlCPA Admin | Sep 16, 2022 | Family, Individual Tax, Tax Planning
In the college savings game, all strategies aren’t created equal. The best savings vehicles offer special tax advantages if the funds are used to pay for college. Tax-advantaged strategies are important because over time, you can potentially accumulate more...
by LittleOwlCPA Admin | Aug 5, 2022 | Family, Individual Tax, Tax Planning
If you have a child or other dependent and work outside the home, you may need to pay someone to care for your loved ones. Fortunately, the child and dependent care credit may provide some financial relief. The child and dependent care credit is an income tax credit...
by Tabitha Regan, CPA | Jul 8, 2022 | Individual Tax, Tax Planning
In the past, workers stayed with the same company for years and years, working their way up in the company. However, times have changed. Businesses facing hard economic times restructure, forcing employees to look for new jobs. It’s also become common for...
by LittleOwlCPA Admin | Jun 10, 2022 | Individual Tax
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts to be emptied within 10 years of...
by LittleOwlCPA Admin | May 27, 2022 | Individual Tax
A Roth individual retirement account (IRA) is a personal savings plan that offers certain tax benefits to encourage retirement savings. Contributions to a Roth IRA are never tax deductible on your federal income tax return, which means that you can contribute only...
by LittleOwlCPA Admin | May 13, 2022 | Individual Tax
Do you give money to your church? Do you get a tax benefit from those donations? How about your donations to other charities? Recent changes in the tax code have done much to destroy your benefits from church and other tax-deductible 501(c)(3) donations. But there’s a...
