Inherited IRAs have been in the news of late. Whether you are planning to leave your IRA to someone or you receive someone’s IRA, planning includes understanding the legislative rules that will apply. The Secure Act of 2019 mandated that certain heirs must withdraw all money from an inherited IRA within 10 years of the original account […]
Tax season is officially open in the US. It’s time to gather your tax documents to prepare for your filing! If you don’t have the right paperwork, you could miss out on thousands of dollars in new savings or trigger an audit. Between the massive changes in the One Big Beautiful Bill Act (OBBBA) and
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There has been considerable discussion about the $600 reporting threshold, and confusion has resulted from legislative changes and IRS delays. As we begin the new year, here is the latest information I’ve found to pass along to you all. Reporting for Third-Party Payment Networks The reporting requirements for Third-Party Settlement Organizations (TPSOs), such as PayPal,
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As year-end nears, I’d like to wish you all a peaceful holiday season. This is the time of year when I enjoy reflecting on the past year, setting intentions for the year ahead, and catching up on unfinished business at home and at work. Here are some suggestions you may find helpful to try! Reflect
In 2025, National Estate Planning Awareness Month is in October. The official week is October 20-26th! There are many components to the estate planning process, and today I am highlighting the “Widow’s Tax”. Moneywise recently posted an article about a “widow’s tax” that caught my eye. Reading it, I wanted to ensure you were all aware
The recent legislative action passed by Congress references a senior tax credit. Let’s take a look at the details of this bill to help you understand what this senior tax credit is. GoBankRates published an article this week that recaps this well. An important point they reference is that the senior tax credit is subject
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Happy Groundhog Day! It’s here – tax season opened on January 27th for individual filers in the United States. Here is information about what to know before you file to get you in the “mood”! The IRS has created a page called Get Ready to File Your Taxes reminding us that tax planning is for
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It’s that time of year … the IRS announced tax brackets for 2025. Every fall, the IRS announces inflation adjusted tax brackets for the following year to protect us from inflation pushing us into a higher tax bracket. US inflation is lower than it’s been in three years and the IRS annual adjustment is smaller
In case you haven’t heard, there are some tax provisions set to expire in 2025 if Congress takes no action. August is upon us, and we have four months left in 2024. Take a look at what may expire and prepare accordingly. The Tax Cuts and Jobs Act (TCJA) of 2017, signed into law, is
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The deadline for filing a tax return is next month. If you’re filing on behalf of a relative or friend who has died, today’s post will address what to do if filing for a decedent. Knowing what to do and where to start is something I didn’t know when I had to file a tax
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