With the end of 2023 rapidly approaching, the IRS encourages taxpayers to use this “window of opportunity” to review their current withholding status as soon as possible to make any necessary adjustments to their withholdings, to potentially avoid a surprise when filing a tax return next year. Although it’s most advantageous for taxpayers to verify […]
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 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 […]
The Internal Revenue Service recently announced that they currently have a whopping estimate of $1.5 billion dollars in unclaimed refunds for tax year 2019. This calculates for nearly 1.5 million people across the nation that may have qualified for a refund but did not file a federal income tax return. Time is of the essence […]
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 […]
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 […]
A trust allows you to be specific about how, when and to whom your assets are distributed. Trusts can be arranged for a variety of different goals: to reduce estate taxes, to transfer property and to preserve assets for minors or a charity. Trusts offer more flexibility than a will to control your assets. You […]
In late December while most practitioners and their clients were busy with other things, Congress was passing a giant omnibus budget bill. Buried within it was the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0), which contains many retirement (and some other) changes that practitioners and their clients need to […]
The IRS has recently announced that “in the interest of sound tax administration and other factors,” taxpayers in many states will not need to report various payments on their 2022 tax returns. In short, the IRS has determined it will not challenge the taxability of payments related to general welfare and disaster relief. So what […]