According to the Wall Street Journal, in the days following SVB’s collapse, the 25 biggest US banks gained $120 billion in deposits. Small banks experienced $108 billion in outflows over the same period, resulting in the largest weekly deposit decline for small banks on record.
The Tax Cuts and Jobs Act of 2017 brought significant changes to the US tax code, including a cap on state and local tax (SALT) deductions. This cap, also known as the SALT deduction limitation, has left many taxpayers looking for ways to reduce their tax bills.
Tracking tax deadlines is essential to healthy financial management.
Section 1202 of the IRS code can potentially save eligible business owners millions of dollars in taxes. However, it is an underutilized section as few business owners know how to successfully implement this strategy.
Estate planning is a crucial process that helps individuals to manage and distribute their assets in the event of death or incapacitation.
On December 23, 2022, we received a gift from Congress. A 4,000 page bill called the Consolidated Appropriations Act of 2023. Inside this bill is what is now being called the “SECURE 2.0 Act” (SECURE 2.0). In 2019, the SECURE Act, also known as the Setting Every Community Up for Retirement Enhancement, made significant changes to IRAs and retirement plans.