The IRS has released early details for a brand-new tax-advantaged savings vehicle designed exclusively for children under age 18 with a valid Social Security number: the Trump Account. The program is similar in concept to a traditional IRA—except it is built specifically to help U.S. children accumulate long-term, market-based savings from birth through adulthood. While
Thanks to main media and even the IRS, many people are familiar how on Americans miss over $1 billion dollars each year in unclaimed tax returns (missing tax credits, lost or undelivered checks, not filed return when there is a refund, etc.). Remember that if a tax refund is not claimed within the three-year period,
As the Social Security Board of Trustees (Federal government) estimates that from 2035, the payments of scheduled benefits might be reduced to around 75% (unless there is a reform to increase the fund assets), more and more States are requiring small businesses to join State programs offering retirement options to their employees, if not already
In the Tax Tip 2024-58, the IRS gave details about the Employer-Provided Childcare Tax Credit of up to $150k to offset 10% of qualified childcare resource and referral costs and 25% of qualified childcare facility costs. To claim the credit, the employer will have to complete Form 8882 Credit for Employer-Provided Childcare Facilities and Services
