If you use part of your home to conduct your trade or business, you might be able to deduct certain related expenses. To qualify for the home office deduction, you must pass certain tests.
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If you use part of your home to conduct your trade or business, you might be able to deduct certain related expenses. To qualify for the home office deduction, you must pass certain tests.
Your insurance needs will obviously depend in part on the type of business you operate. However, all business owners should consider at least three types of insurance.
Your actual student loan payments aren’t deductible, but the interest portion might be, thanks to the student loan interest deduction. In 2023, the maximum deduction is $2,500. You don’t need to itemize to claim this deduction.
When you die, you leave behind your estate. Your estate consists of your assets — all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody must take charge of your estate and settle your affairs. This person will take your estate through probate, a court-supervised process that winds up your financial affairs after your death.
As a business owner, you’re going to have to decide when will be the right time to step out of the family business and how you’ll do it. There are many estate planning tools you can use to transfer your business. Selecting the right one will depend on whether you plan to retire from the business or keep it until you die.
Your gross estate for federal estate tax purposes includes:
A big reason many Americans are foregoing college is the cost. For the 2022-2023 year (most recent data available), the average one-year cost for tuition, fees, room, and board was $23,250 for in-state students at a four-year public college, $40,550 for out-of-state students, and $53,430 at a four-year private college. But many schools, especially “elite” private colleges, cost substantially more, with some over the $80,000 mark.
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of 2022, which was passed in late 2022. In the meantime, the IRS has issued interim RMD relief and guidance for 2023. Final RMD regulations, when issued, will not apply before 2024.
In December 2022, Congress passed the SECURE 2.0 Act. It introduced two new rules relating to 529 plans and student debt that will take effect in 2024. The first provision allows for tax- and penalty-free rollovers from a 529 plan to a Roth IRA. The second provision allows student loan payments made by employees to qualify for employer retirement matching contributions. The overall goal is to help young adults start saving for retirement.
Here is a brief look at some of the tax perks, rule changes, and incentives included in the legislation.
We’re partnering with News Channel 12 to honor nonprofit volunteers who make our community thrive. Each month, we’re choosing a different nonprofit and asking them to select a valuable volunteer to receive the SESLOC Cares for Community Award. We’re thrilled to introduce Ray Segovia, from the Guadalupe-Nipomo Dunes Center.
For a fifth year in a row, SESLOC held a fundraiser for the SLO Food Bank and Food Bank of Santa Barbara County this past May. With the support from employees and members, SESLOC raised $12,061.89.
On Friday, May 24, over 120 student leaders participating in the Week of Welcome (WOW) program were enriched by a financial wellness workshop hosted by SESLOC at the California Polytechnic State University (Cal Poly) campus in San Luis Obispo. The purpose of SESLOC and Cal Poly providing this workshop was to educate WOW leaders in practical and relevant financial education
On Monday, May 20, SESLOC Credit Union hosted a hands-on, real-world living and budgeting simulation event for 70 students at Central Coast New Tech High School in Nipomo. For this event, SESLOC partnered with Bite of Reality, an app that presents real-life scenarios of maintaining a budget, to improve the financial health and wellness of the Central Coast.
We’re partnering with News Channel 12 to honor nonprofit volunteers who make our community thrive. Each month, we’re choosing a different nonprofit and asking them to select a valuable volunteer to receive the SESLOC Cares for Community Award. We’re thrilled to introduce Michael Camacho-Craft, from the Good Samaritan Shelter