Whether you’ve been running your own business for a few years or just starting up a new one this year, you’re going to have some additional responsibilities beyond setting up a flashy website. Having started several businesses over the past 25 years, I’ve learned a thing or two about starting up a successful business.
o qualify for this huge tax break, homeowners must do a couple things. First, they must own their home individually or with a spouse. This may seem like an obvious distinction, but I’ve seen some weird forms of ownership over the years that could interfere with that person’s ability to qualify for the exclusion. Second, they must have used the home for two years as their primary residence. This two-year period is the minimum time that the homeowner must have lived at the property in five years, giving flexibility to those who have moved away temporarily1
A crucial benefit of flexibility was added to 529 savings accounts with the passing of SECURE 2.0 last month
Pulling together all of your tax documents can be a big task: property tax bills, mortgage interest statements, charitable donations, 1099s. If you had a lot going on last year, these documents can add up to a big stack. The best way to minimize this mountain is to be gathering these documents all year round.
Just like current FAFSA rules, the new FAFSA will still use information from the “prior, prior” year. This means if you are divorced or separated, you need to start planning two years prior, rather than one year prior to the FAFSA award year. For example, the 2023-24 FAFSA will use 2021 tax return information. The 2024-25 FAFSA will use 2022 tax return information. FAFSA SIMPLIFICATION ACT CHANGES