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Being able to claim the home office tax deduction if you are working from home depends on your employment status. Like millions of other Americans, you may be working from home. (Data shows that the number of people working from home nearly tripled over the past couple of years 1). And while t...

It's easy to overlook an important task after a loved one passes away. Follow this checklist to help make a challenging time less confusing. In addition to the emotional toll of losing a loved one, what to do when someone dies, from phone calls to paperwork, can be overwhelming and not what anyo...

Unfortunately, death doesn't relieve one's obligation to file a final federal income tax return. Benjamin Franklin coined the famous saying that “in this world, nothing is certain but death and taxes.” But what about when death and taxes coincide, such as when someone dies during the year and ha...

  What Is Per Stirpes? Per stirpes is a legal term that may be included in a last will and testament to explain who will inherit assets if a beneficiary passes away before the testator, the person who has created the will. With a per stirpes distribution, the benefi...

You've just received your tax refund, and you're wondering how to best spend it. You might be tempted to treat yourself to a shopping spree, but there are better ways to use your refund! If you need assistance with financial planning for your household, you can turn to the Ronald J. Fichera Law...

A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries. While some assets belong in a trust, what assets cannot be placed in a trust? A revocable living trust is an instrument created for the purpose of protecting your assets during your lifetime. It als...

Consider these tips before you add to your estate planning documents the names of the people you want to carry out your wishes. Death and incapacity are hard topics to discuss and even more difficult to plan for. We would like to think the good times will go on forever. However, we know that...

"Retirement accounts with ill-conceived beneficiary designations could potentially cost your family tens of thousands or even hundreds of thousands of dollars if done wrong," according to Dan Stewart, president of Revere Asset Management. Social Security benefits have an automatic ...

They can—unless you designate your beneficiaries properly Probate is a legal process that authenticates and validates someone's will. The process involves the review of a deceased individual's assets and determines their heirs. While probate isn't always necessary, it generally ki...

Waiting until your full retirement age to collect Social Security can have a big financial payoff. The year you were born determines when you become eligible for your full Social Security retirement benefit. Use our calculator to determine your full retirement age. If you wait until your fu...

When you're years away from retirement, Social Security seems straightforward: You'll leave your job, file for benefits and receive a monthly check for the rest of your life – boom! But in reality, getting the most out of Social Security is anything but simple. As you near retirement, the decis...

Just because you don't bring home a paycheck doesn't mean you're not working. A stay-at-home parent can get a Social Security check just like any other worker. Here's how.

Agency estimates new rule could increase workers' earnings by nearly $300 billion per year. The Federal Trade Commission proposed a new rule that would ban employers from imposing noncompetes on their workers, a widespread and often exploitative practice that suppresses wages, hampers i...

Inflation drives up the price of everything from gas to groceries, but IRS inflation adjustments mean that the impact of inflation on 2022 and 2023 tax brackets and some tax credits isn't all bad.

Most Americans claim the standard deduction on their federal tax return instead of itemized deductions. How much can you claim on your 2022 and 2023 returns? You have a choice between taking the standard deduction or claiming itemized deductions each year when filling out your federal income t...

Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind. Getting an inheritance can feel very much like a mixed blessing. It often comes after the passing of a loved one – whil...

No one likes to think about a recession, but as a construction business owner, it's important to be prepared for one. A recession can have a major impact on your business, and if you're not prepared, it could mean the difference between powering through and having to close your doors for good. ...

Also known as joint accounts, these types of accounts let their owners pass on small estates in a simple way. My wife and I, like most married couples, share a bank account from which either of us can write checks and add or withdraw funds without consent from the other. If my wife outlives me...

These valuables and documents, along with some items you hold dear, should be stored securely at your bank. With digital records and cloud storage becoming the norm, the bricks-and-mortar safe deposit box might seem outmoded.    But don't rush to declare the safe deposit box a relic of the pa...

Bitcoin, NFTs, Dogecoin – all forms of cryptocurrencies have gained buzz with investors. But unless you have a specific plan for them in your will, your crypto assets could disappear forever when you die. The popularity of cryptocurrency has exploded and imploded in recent months. For those wh...

Accidents happen. Illnesses can strike anyone unexpectedly. So, take a moment to get a few basic estate planning tasks out of the way. You — and the people you love — will be glad you did.

Depending on your taxable income, you can end up in one of seven different federal income tax brackets – each with its own marginal tax rate. When it comes to federal income tax rates and brackets, the tax rates themselves aren't changing from 2022 to 2023. The same seven tax rates in effect f...

Now's the time to revisit the capital gains tax rules you need to know for year-end planning. Capital gains tax applies to many types of investment transactions and, therefore, is an important piece of the overall tax picture for millions of Americans – especially at this time of the year when...

Getting an early start on laying the groundwork for your exit is imperative. Empowering others to make decisions and delegating responsibilities also play key roles. If you're a small-business owner approaching retirement, it's important to start thinking about how to avoid common small-busine...

According to research, 22% of businesses fail in the first year while 50% of businesses fail within the first five years. If you've recently closed a business, starting a new venture may seem impossible, especially if you experienced financial setbacks. However, there are ways to overcome your ...