The SECURE 2.0 Act of 2022 included some changes that are about to impact required minimum distribution (RMD) requirements. To explain the changes and reduce taxpayer confusion, below we explain the changes in the RMDs for certain retirement plans and individual retirement accounts (IRAs) included in IRS Notice 2023-54. What Changed? Change in RMD Age: […]
Required Minimum Distributions Rule Changes Read More »
The Internal Revenue Service (IRS) is sharpening its focus on America’s wealthiest taxpayers, signaling a wave of increased audits, particularly targeting large partnerships. In light of this, it’s prudent for those within the IRS’s scope to reassess their tax filings, especially over the last three years, the typical statute of limitations for IRS audits. Scrutinizing
Strategies to Tackle the Upcoming Surge in IRS Audits for Wealthy Taxpayers Read More »
As we are quickly approaching 2024, it’s important to be aware of the changes in the Social Security wage cap and benefit amounts. The wage cap is now set at $168,600, marking a significant threshold for taxpayers. Additionally, beneficiaries of Social Security and Supplemental Security Income (SSI) will see a 3.2% increase in their benefits.
Understanding the Updated Social Security Changes for 2024 Read More »
The IRS has issued guidance for employers claiming the employee retention credit. In general, eligible employers can claim a refundable employee retention credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021, limited to wages paid of $10,000
How to Claim Employee Retention Credit in Q3 and Q4 of 2021 Read More »
Remote work has convinced many of us that we can do our jobs regardless of where we are located. This new approach is making many think about moving to a new location to be closer to family, enjoy nicer weather or to save money. Additionally, many people facing retirement move to an area with a
Look at State Tax Before Making a Move Read More »
Like most of us, you are probably more focused on your 2020 tax bill than how to manage your personal finances in 2021. However, as you get ready to file your annual tax filing, it’s a good idea to also think about changes that will impact your taxes for 2021. Not all tax figures are
Six 2021 Tax Questions & Answers Read More »
If you help your kids understand money when they’re young, they’re more likely to develop sound financial habits when they’re adults. Of course, you’ll want to tailor the information to your child’s age. Here are some tips: Toddlerhood & preschool Talk about how most people work to earn money to buy things like food and
Raising Financially Responsible Kids Read More »
As we mentioned in our blog post from last week, we are doing our best to keep you informed about any changes that may impact you, and not surprisingly, we do have additional information to share now. On the evening of March 20, the IRS released Notice 2020-18 which provided some clarification on 2019 tax return filings and
Further Tax Change Updates… Read More »
The Tax Cuts and Jobs Act (TCJA) had both a direct and indirect impact on the various types of interest expense that individuals can deduct from their taxes, including qualified residence interest. The TCJA affects interest on residential loans in two ways. First, it nearly doubles the standard deduction and places a $10,000 cap on
The TCJA Effect: Qualified Residence Interests Read More »
Many of us dream of retiring early so they can pursue non-work activities, such as traveling, volunteering, and pursuing our hobbies full-time. But careful planning and diligent saving during the years leading up to the anticipated retirement date are necessary to make this dream a reality. It all starts with retirement savings accounts such as
Do You Dream of Early Retirement? Read More »
Fall is definitely here and now is a great time to start thinking about your year-end business tax planning. There are a variety of things you may want to consider, or at least look into, before the end of the year, so you can make adjustments now to reduce the taxes you have to pay
It’s Time for Some Year-End Tax Planning Read More »
Life is full of ups and downs, many of which can greatly impact your taxes for the year in which the milestone takes place. Here are just a few events that have tax implications for which you should be prepared. Starting a New Job When you start any new job, you should make any necessary
Major Life Changes Ahead? Know the Tax Implications Read More »