Graduation is a huge milestone for anyone, but especially for younger people who are looking forward to college, or their first job after crossing the stage. We all know well wishes are in order, but for family members or friends who want to give a special graduation gift, what do you do? Cash is always
Don’t Be Reckless With Your Refund!
Tax refunds are on the way! While you may be tempted to spend it and get the “fun” out of your refund, remember you also have a great opportunity to a nice chunk of change and invest it. In that spirit, we have compiled a list of suggestions on how to use that refund check
Retirement Plan Limits Rise for 2024 and IRA Contributions Continue Until Tax Deadline
Have you heard the good news? The IRS announced late last year that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The catch-up contribution limit for aged 50 and over remains at $7,500. This means if you are 50 yrs or older you
What to Know About Working in Retirement Years
Think you’ll have more money, and/or make it last longer if you work during your retirement years? Maybe, if you pay attention to income limits and delay taking your benefits until your full retirement age. When to begin your retirement is a very personal decision and depends on many factors: health, current income, and financial
Your Money Under the IRS Microscope
Your money may be under the IRS’ microscope in 2024. You may have heard cries of “Tax the Rich” recently in articles, speeches, primary posturing, and most probably at the State of the Union. New IRS audits of business aircraft use are just the beginning of a new level of scrutiny to come. It seems
Moving to Florida?
Are you a retiree, business professional, or a snowbird thinking of moving permanently to Florida? Keep in mind that moving to a new state is super stressful when establishing residency in addition to preparing documentation for tax purposes. Between finding your new home, then packing up your belongings, finding schools for the kids, new doctors etc.,
FAQs About QCDs For The Charitable Minded
Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? Making a Qualified Charitable Distribution (QCD) can exclude up to $100,000 annually from gross income while benefitting your favorite charity. These “charitable IRA rollovers” are gifts that would otherwise be taxable IRA distributions!
Protect Your Estate When Exemptions May Sunset In 2025
No matter how wealthy you are —human nature tends to make us put off attending to important matters. But this is no time to ignore the fact that the TCJA lifetime estate and gift tax exemption will sunset in 2025. We have another election coming up in 2024, and clients shouldn’t get comfortable with wishful
IS A 1031 Exchange Right For You?
What is a 1031 Exchange? It is a way to leverage your gains. It allows sellers of investment or business-use real estate to defer paying capital gains, and depreciation recapture taxes, when they use the proceeds of the sale to purchase one or more additional pieces of investment or business-use real estate. IRS Code 1031
TIPS TO SAVE TAX WHEN SELLING YOUR HOME
Be tax savvy when selling your home. Many people sell their homes at this time of year and move over the summer months to be sure and get their kids into school at a new location by September. Many retirees also sell and move over the Summer because it easier when the weather is clement.
