The Social Security Administration announced a 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021.
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Paying for College can be Less Taxing
Parents facing college expenses have several provisions in the tax law to consider. The benefits don’t apply to all, but there is something of interest for many families. Tax credits The American Opportunity Tax Credit is available for certain tuition and fees, and it allows you to reduce taxes annually up to $2,500 per student […]
New Federal Pandemic Benefits Available Via Executive Order
Congress continues to debate how to help navigate through the ongoing pandemic. In the meantime many benefits, including Federal Unemployment benefits, have expired. To help address this assistance gap, new Executive orders were signed by President Trump. Here is what you need to know: Federal unemployment benefits The additional $600 weekly Federal employment benefits expired […]
Accounting Basics: Passive Activity
A passive activity is a business activity in which a taxpayer does not materially participate. Material participation defined. So just what is material participation? In general, material participation requires you to be involved in the operation of the activity on a regular, continuous, and substantial basis. If you do not meet this threshold, the activity […]