Archives

  • What Every Taxpayer Needs to Know This Season

    Posted Date April 1, 2022 Posted Time 12:00 pm Published in

    The IRS is currently suffering a severe backlog in processing returns from 2021 for the 2020 tax year. As of Dec. 31, there were still more than 6 million unprocessed individual returns with notices and pending refunds. There are a few things every taxpayer should know that can help them navigate any delays in filing or speeding up the process to make filing this year as smooth as possible. Pass on the Paper Nothing speeds up the process like electronic filing. Despite the uptick in electronic filing over recent years, the agency is still buried in paper, receiving almost 17... View Article

  • Considerations When Selling a Business

    Posted Date April 1, 2022 Posted Time 12:00 pm Published in

    According to the U.S. Small Business Administration and Project Equality, 60 percent of business owners plan to cash out of the business in the next 10 years. For the baby boomer generation, it’s especially important as they contemplate retirement, with this generation reportedly owning 2.3 million businesses. When it comes to getting a business ready for sale, there are many components to review and get organized before looking for prospective buyers. The first thing owners looking to sell their business are being asked is why they’re selling. This may occur for many reasons – voluntary or not. Some people are... View Article

  • How Will Oil Prices and Consumer Spending Impact Markets?

    Posted Date April 1, 2022 Posted Time 12:00 pm Published in

    According to the March 2022 Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration (EIA), the forecast is for high energy prices in 2022. The report found that Brent crude oil, used as a benchmark ex-U.S., is expected to see prices of $116 per barrel in Q2 of 2022. West Texas Intermediate (WTI), the price the U.S. uses as a benchmark, is expected to cost consumers, on average, $4.10 a gallon in Q2 of 2022. The World Economic Forum blames volatile oil and energy prices in general on demand outstripping supply. This is attributed to OPEC not expressing a... View Article

  • Give a College Savings 529 Plan For Graduation

    Posted Date April 1, 2022 Posted Time 12:00 pm Published in

    If you really want to make impact in your new grad’s life, make an investment in his or her future with a 529 College Savings account. There are two versions: an investment account and a prepaid account. Assuming you are opening an account now and don’t have time for investment growth, you may need to fund it with a significant chunk of money for it to be useful. The savings plan is good for building an investment balance over time, including while the student is in college. On the other hand, the prepaid option is a good way to reinvest... View Article

  • The 50/30/20 Budgeting Rule Explained

    Posted Date April 1, 2022 Posted Time 12:00 pm Published in

    You may or may not have heard of the 50/30/20 budgeting rule, but it’s a good one – one that will help make organizing your finances a lot simpler. The basic idea is to divide up your after-tax income and allocate it to spend this way: 50 percent on your needs, 30 percent on wants and 20 percent on savings. Below are more details on how to do this. Spend 50 percent on needs. These bills are those that are necessary for survival, such as rent/mortgage, groceries, utilities, health care, insurance and paying the minimum amount on your debts. Other... View Article

  • The Rise in Ransomware Attacks and How to Keep Safe

    Posted Date April 1, 2022 Posted Time 12:00 pm Published in

    Cybersecurity experts estimate that there is a ransomware attack every 11 seconds. This makes it a challenge to individuals, businesses and even governments. In ransomware attacks, cybercriminals encrypt a victim’s network or data, making it inaccessible until a ransom is paid. Despite organizations’ efforts to reduce the attacks, cybercriminals also are advancing their attack methods. For instance, an organization may have backups they can use to restore their systems, but the criminals also demand ransom not to publish the sensitive company information they have in their possession. Ransomware is not a new cybersecurity threat. It is traced back to 1989... View Article

  • Banning Masks, Banning Russian Oil, Making Lynching a Federal Hate Crime and Saving Sunshine

    Posted Date April 1, 2022 Posted Time 12:00 pm Published in

    Consolidated Appropriations Act, 2022 (HR 2471) – This legislation will fund the federal government through September 2022, but also includes a plethora of other bills folded within for the purpose of quick passage by both the House and Senate. Among them is the reauthorization of the Violence Against Women Act and the allocation of $13.6 billion in additional aid to support Ukraine in its conflict against Russia. The bill was signed into law by President Biden on March 15. STANDUP Act of 2021 (S 1543) – STANDUP is the anacronym for Suicide Training and Awareness Nationally Delivered for Universal Prevention.... View Article

Copyrights @ 2024 James O. Taylor