Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.
The volatility in the stock market may have caused the value of retirement accounts to decrease. To those with traditional IRAs invested in stocks, a decline may provide a valuable opportunity: that is, taxpayers may be able to convert a traditional IRA to a Roth IRA at a lower tax cost.
Sadly, many businesses have been forced to shut down recently due to the challenges of the economy, including the supply chain. To close a business, various tax responsibilities must be met, preferably with the help of a trusted tax advisor
Two tax benefits may be available to offset the expenses of adopting a child. In 2023, adoptive parents may be able to claim a credit against their federal tax for up to $15,950 of “qualified adoption expenses” for each child. That’s a dollar-for-dollar reduction of tax. And there may be tax relief for some employees under programs offered by employers.
Stock market and interest rate uncertainty may cause some investors to turn to bonds. This brief article discusses several popular options, including U.S. government savings bonds and corporate bonds.
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