Trusts are an essential financial planning tool for anyone, as there are numerous benefits in establishing a trust, such as: no probate court, potential tax benefits, specificity, valid while you’re living and in some cases, offers flexibility. Life is unpredictable, a trust acts as a highly versatile instrument that can be used for various purposes […]
Based off the recent adjustments from the U.S. Bureau of Labor Statistic’s release of the consumer price index, it is predicted that the inflation-adjusted amounts in the Tax Code will increase 5.4% in 2024. While that’s a slight decrease from the 7.1% increase this year, it is in fact almost double the 3% increase we […]
The Internal Revenue Service has recently published its annual notice, Notice 2023-68, providing the updated 2023-2024 special per diem standard rates which taxpayers can use when substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home (for lodging, meals and incidentals). While some of the special per diem rates are […]
Effective January 1, 2024, businesses with large cash transactions must electronically file Form 8300 when receiving cash payments of $10,000 or greater. This new requirement was recently issued in news guidance IR-2023-157 by the Internal Revenue Service. Generally, if you’re in a trade or business and receive more than $10,000 in cash in a single […]
As the Wall Street Journal pithily summarizes it, “Higher earners age 50 and up will get two more years to use pretax dollars for all of their retirement savings in 401(k)s and similar plans, after the Internal Revenue Service delayed a new requirement.” The IRS has announced an administrative transition period that extends until 2026 […]
The Tax Cuts and Jobs Act largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who’s in the White House and who has control of the House and Senate at that time. Before you start planning, glean some understanding of what the TCJA does and […]
Another day, another scam to be on the lookout for. The IRS recently issued warning notice IR-2023-131 that addresses what to do if any tax-related correspondence is received promising tax refunds or to “fix” tax problems, to be extremely wary and don’t open them. The IRS will never initiate contact with taxpayers by email, text […]
The Internal Revenue Service is encouraging taxpayers to consider the incentives being offered by investing in energy-efficient products and services. By making certain energy efficient improvements to one’s residence, it could aid with qualifying for home energy tax credits which not only assist with the cost of energy-saving improvements but also can lower your cost […]
In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts: For calendar year 2024, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,600 for self-only coverage or $3,200 for family coverage, and for which the […]
The Internal Revenue Service recently announced that they have postponed the tax filing deadline date to August 15th, 2023 for eligible storm victims in Florida. They are offering this relief to the designated disaster areas declared by the Federal Emergency Management Agency (FEMA) on April 27th, as a result of severe storms, tornadoes and flooding […]