The 2023 Tax Season Has Finally Concluded!
Qualified Charitable Distributions Excellent Way to Satisfy Your RMD
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...
New Gift Tax Guidelines for 2023
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...
2022 Year-End Tax Planning for Individuals
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:...