Oct 21, 2024 | Tax Planning
If you have experienced a major life event, for instance retirement, marriage, divorce, birth of a child, change in personal or business income, sale of property, etc., contact us to identify time-sensitive tax-savings opportunities for 2024 and perhaps 2025, as well....
Dec 16, 2023 | Personal Tax, Tax Planning
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...
Jan 31, 2023 | Personal Tax, Tax Planning
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...
Nov 14, 2022 | Personal Tax, Tax Planning
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:...
Oct 26, 2022 | Personal Tax, Tax Planning
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...
