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Tax Season Is A Month Away. Review This Year Tax Checklist To Prepare

December 30, 2024

There are end-of-the-year tax tips that can set you up for the upcoming tax season. It's worth taking the time now to review your tax situation, as a little effort now could pay off big later.

New Inherited IRA Rules For Non-Spouses

August 19, 2024

As older generations are the biggest holders of retirement accounts, including the approximately $11.5 trillion held in IRAs today, a significant percentage of the assets is likely to be transferred through inheritance to non-spouse beneficiaries of all ages. Requirements for withdrawals from inherited IRA accounts can be complex so take time to understand the new rules, and consider consulting with a tax professional.

Great Savers Could Face A ‘Tax Time Bomb’ In Retirement, Advisor Says — Here’s How To Avoid It

July 1, 2024

Starting in 2023, Secure 2.0, a $1.7 trillion legislative package signed by President Joe Biden in December 2022, raised the age that savers must start taking required minimum distributions, or RMDs, to 73. RMDs are typically tied to pre-tax retirement accounts, which incur regular income taxes for withdrawals. Those RMDs could push some retirees into a higher tax bracket.

Four Must-Dos Before Tax Season Wraps Up

April 8, 2024

It’s gratifying to close the books on tax season. But before you do, there are just few things you might want to take care of while you’re still on the tax zone.

Secure 2.0 Act: Americans Will Be Able To Make Tax-Free Transfers Of 529 Plan Funds To Roth IRAs

January 16, 2023

Beginning in 2024, the Secure 2.0 Act will allow people to make tax- and penalty-free rollovers from 529 plans into a Roth IRA. To qualify for the transfer, the 529 plan must have been open for at least 15 years. CLICK ON THE HEADLINE FOR MORE

Five Year-End Tax-Planning Steps to Consider Before the End of the Year

December 7, 2020

Here are a few tax-planning and tax-saving strategies to consider before December 31 to potentially help reduce your tax burden (or maybe even get you a larger refund in 2021), CLICK ON THE HEADLINE FOR MORE

Recent Posts

When Will IRS Accept, Start Processing 2024 Tax Returns? Official Date AnnouncedJanuary 13, 2025 - 7:33 pm
This tax season, taxpayers will also have better access to their tax account information via new text and voice virtual assistants, expanded features on the IRS Individual Online Account, mobile access to numerous tax forms, and more alerts to combat scams targeting taxpayers.
Top Tax Write-Offs for Small Businesses And Self-Employed Workers In 2024January 6, 2025 - 8:24 pm
While you usually need to pay upfront for equipment, employee salaries, and other business expenses, the ability to write off these costs on your federal tax return reduces the amount of income tax you owe. These tax deductions, offer significant advantages for small businesses and independent contractors.
Tax Season Is A Month Away. Review This Year Tax Checklist To PrepareDecember 30, 2024 - 6:25 pm
There are end-of-the-year tax tips that can set you up for the upcoming tax season. It’s worth taking the time now to review your tax situation, as a little effort now could pay off big later.
A Week Left to Spend Your 2024 Flexible Spending Account Money: How It Works And What You Can BuyDecember 23, 2024 - 11:18 pm
If you’re headed into the end of 2024 with a large FSA balance, don’t worry. A long list of items and health services are FSA eligible, including several you may not have considered.
Survey: 44% of Americans Believe Their Finances Will Improve In 2025, An Increase Ffrom Previous YearsDecember 16, 2024 - 9:09 pm
There’s at least one clear reason for 2025 financial optimism: Fewer Americans think inflation will impact them. Regardless of what’s anticipated, financial experts recommend “future-proofing” your finances, and the New Year is a great opportunity to get ahead.
25 Financial Moves To Consider Making Before December 31stDecember 9, 2024 - 7:48 pm
It’s worth focusing on practical financial strategies to consider before the end of the year. It will also help lay the groundwork for a financially successful year ahead.
This Charitable Giving Strategy ‘Almost Always’ Provides The Biggest Tax Break, Advisor SaysDecember 2, 2024 - 10:39 pm
Qualified charitable distributions, or QCDs, are direct transfers from an individual retirement account to a non-profit organization. Additionally, retirees can give more in 2024, according to the IRS. Financial experts say this is a key move to maximize a tax break.
Tax Deductions 2024: What Can I Deduct and How Do They Work?November 25, 2024 - 7:31 pm
The Internal Revenue Service offers scores of deductions to help you keep more of your earnings in your pocket. With a filing deadline of April 15, 2025, here’s what you need to know about deductions for tax year 2024.