In Rev. Proc. 2024-25, the IRS made changes for health savings accounts for 2025. The maximum annual HSA contribution is: $4,300 for an eligible individual with self-only coverage. $8,550 for family coverage. HSAs are used in conjunction with a High Deductible Health Plan. The 2025 maximum annual out-of-pocket amount for HDHP self-only coverage is $8,300. […]
Digital assets have become an increasingly popular method of payment and an asset for investment or trading. Because many transactions involving digital assets fall outside the scope of information reporting rules, on August 25, 2023, the government issued proposed regulations for them. The new rules are intended to make it easier for taxpayers to track […]
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The Internal Revenue Service recently revised its frequently asked questions (FAQs) with almost 50 new or updated ones regarding Forms 1099-K, Payment Card and Third Party Network Transactions, published in fact sheet FS-2024-03. These updates supersede the FAQs published in a March 2023 fact sheet. The revised FAQs include substantial changes for both individual taxpayers and companies […]
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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 […]
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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 […]
Read More… from Deadline to file 2019 tax return is July 17th, 2023.
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 […]
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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 […]
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