Who doesn’t love a good influx of cash from a nice bonus!? The thing many people often don’t think about is the tax implications of bonuses…

Let’s talk some of the tax strategies that can help mitigate a surprise tax bill or tax penalty.

Have you received a Voluntary Separation Package (VSP)? We know of a few people who have recently and it sure can bring up a lot of questions, the biggest one being, “Do I have enough money to retire?”

But there are other questions and considerations to take into account, including the hardest one, “Am I ready to retire?”

In Part 1 of this quick two-part series on bonuses, we looked at how to deal with the uneven cash flow aspects of receiving large bonuses.

In this installment, we’re going to go into more detail about different ideas of what to do with the money.

Bonuses. They’re the best, no?

A nice infusion of cash that comes in and opens up so many opportunities.

A common issue people run into is how to deal with the “cash flow” aspects of receiving a large bonus. In this post, we’ll look at a couple of different ways to deal with the issue of having uneven cash flow, illustrated with specific examples.

FSAs can be fantastic tools to essentially get a discount/deduction on health care and/or dependent care. And there’s a temporary rule in effect for 2020-2021 that can allow even more flexibility.

You may have heard or seen that, as of July 2021, the IRS is starting to send out advance payments for the Child Tax Credit. This short article goes over some of the basics.