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Many workers have been dreaming of retirement since they first entered the workforce. However, once this retirement date draws near, the prospect of giving up your primary source of income may be nerve-wracking, even if you've diligently saved and planned. Below, we...

What is shifting income/timing income?   Income shifting (also known as income splitting) may be defined as dividing income in a way that lowers overall taxes. Typically, income is shifted from higher-bracket taxpayers to lower ones. Income shifting can be a...

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage...

In March 2022, the U.S. House of Representatives approved the SECURE Act 2.0, a bill that will revise the rules for contributing to and withdrawing from retirement savings vehicles if passed by the U.S. Senate. Since the SECURE Act 2.0 has a similar version in the...

Understanding long-term capital gains taxes when you sell investments. Market downturns could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future. Taxable accounts you hold...

In an early July poll, 58% of Americans said they thought the U.S. economy was in a recession, up from 53% in June and 48% in May.1 Yet many economic indicators, notably employment, remain strong. The current situation is unusual, and there is little consensus among...