IRA owners, age 70 ½ or older, are eligible to transfer up to $100,000 tax-free directly to the charity of their choice. Each year, an IRA owner, age 70½ or over when the distribution is made, can exclude from gross income up to $100,000 of these qualified charitable...
The annual gift reporting threshold has increased to $17,000 per recipient in 2023. This means that married taxpayers who elect to gift-split can make gifts of up to $34,000 per recipient annually without generating a taxable gift. We want to point out that the...
There is still time to do some 2022 year-end planning! Once the year is over, we will be unable to proactively assist with your 2022 tax situation; so please reach out to us if you’ve experienced any major life events this year. Major life events could include:...
The IRS recently announced cost-of-living adjustments to pension and retirement fund contributions beginning in 2023. Contribution limits for 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will rise to $22,500 from $20,500. The...
The Inflation Reduction Act introduces a number of significant changes to the tax credit for new electric vehicles. These changes will phase in over time. Effective immediately (after August 16, 2022), the tax credit is only available for qualifying electric vehicles...
Individuals covered by a qualifying high-deductible health insurance are eligible for a Health Savings Account. The Health Savings Account (HSA) can be a good tool for saving for your future healthcare needs. The money you contribute to your HSA comes from pre-tax...