401(k) Loans: Yay or Nay?

When times are tough, a loan from your employee retirement account can provide much-needed relief. But it's important to understand how these loans work — including the potential pros and cons — before you borrow from your retirement nest egg. 401(k) loans can have short- and long-term adverse financial consequences, especially if you're unable to repay them on time.

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The Wide-Ranging Inflation Reduction Act Is Signed Into Law

Congress has passed the Inflation Reduction Act (IRA), an extensive piece of legislation that President Biden has signed into law. The IRA contains tax breaks, tax increases for some large, profitable corporations and provisions related to the federal deficit, climate change, drug prices for those enrolled in Medicare — and much more. Here are some of the highlights.

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Federal Tax News for Individuals

More EVs Eligible for a Tax Break but Automakers Would Like to Expand It The IRS has added more electric vehicles (EVs) to its list of those eligible for a federal tax credit. The tax code provides a credit (of […]

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Consider Taxes Before Selling a Highly Appreciated Vacation Home

Residential property values are currently high in many parts of the country. Should you cash out on a vacation home that's increased significantly in value? Before calling your realtor, consult with your tax advisor to understand how much tax you'll owe on the transaction. Here's an overview of the tax treatment of gains from vacation home sales. The outcome can vary depending on your situation.

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Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022

In response to record-setting gas prices, the IRS has agreed to increase the standard mileage rate for qualified business drivers for the second half of 2022. It's accompanied by a hike in the standard mileage rate for medical expenses for all taxpayers and moving expenses for active-duty military personnel. Here are the rates that will be in effect from July 1, 2022, to December 31, 2022.

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Valuing synergies

In M&As, sellers want to maximize the sales price. The key is finding a buyer who appreciates the company’s synergistic value.

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