Feb 22, 2024 | Personal Financial Planning, Tax News
When selling your home, you might qualify for the opportunity to exclude part of, if not all, the gains you make from the sale from your income. However, for this possibility to apply to you, it is vital that you meet certain ownership and use tests. In other words,...
Feb 15, 2024 | Personal Financial Planning, Tax News
The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for each of their qualifying dependents who cannot be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent, directly reducing the...
Feb 13, 2024 | Personal Financial Planning, Tax News
The Child Tax Credit is for individuals who claim a child as a dependent if the child meets certain conditions. The Child Tax Credit was created in 1997 and has been expanded several times since, most recently in 2020. The COVID-19 pandemic profoundly affected how,...
Jan 30, 2024 | Personal Financial Planning, Tax News
The Internal Revenue Service has announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing about $1 billion in...
Jan 24, 2024 | Business Planning, Closely Held Business, Estate Planning, Featured News and Events, Not-for-Profit, Personal Financial Planning, Real Estate
Last week, Dr. Terry Clower was guest speaker for MCB’s annual Economic Outlook event, where he shared insights on the state of our national and local economies. MCB has sponsored the Economic Outlook event with Dr. Clower in January for the past 10 years. Also...
Jan 16, 2024 | Personal Financial Planning, Tax News
The beginning of the new year is the time for taxpayers to start gathering their documents for filing their 2023 returns. The IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden. It’s hoped taxpayers will find...