It’s never too early to start planning ahead to save money on taxes. The new inflation adjustments just announced by the IRS are for tax year 2025, for which taxpayers will file tax returns in early 2026. When inflation is elevated, you’ll see shifts in tax brackets and items like standard deductions. Currently, inflation is...
As a part of a campaign promise four years ago, President Biden stated that individuals and households making less than $400,000 per year wouldn’t see tax increases. Two years later, the Inflation Reduction Act (IRA) was created and was chock full of tax credits, as well as a significant amount of funding for the IRS....
Most taxpayers will continue donating to their favorite charity at holiday time no matter what deduction they can or cannot claim. Donating appreciated stocks, bonds or other assets instead of cash still avoids all capital gains taxes whether or not a donor itemizes. Most folks don’t give to charity just to get a tax deduction,...
The Inflation Reduction Act of 2022 (IRA) created or expanded tax credits available to those who make energy-saving upgrades to their homes. Be sure to take advantage of these recently expanded tax credits this Fall, as many of the eligible items for your home relate to the cooler temperatures ahead. The Energy Efficient Home Improvement...
The most common and powerful tools to help individuals save for retirement are IRA and 401(k) accounts. Both types also offer a “Roth” option, but most folks are not familiar with the similarities or differences between them, or know when a Roth is more advantageous tax wise for different stages of life. You might even...
