The Roth IRA (Individual Retirement Account) is one of the most powerful investment accounts you can have to help maximize your retirement savings with its unique tax advantages and flexibility. Despite its considerable benefits, it remains underutilized by many who could benefit from its features. Here is a quick breakdown of the rules around the […]
The Benefits of Having a Roth IRA As Part of Your Portfolio Read More »
Understanding how your income affects your Social Security benefits and Medicare premiums is crucial as you approach or navigate through retirement. For high-income retirees, two critical factors come into play: the Income-Related Monthly Adjustment Amount (IRMAA) and the potential taxation of Social Security benefits. Both elements can significantly impact your retirement budget, making strategic planning
Understanding IRMAA and Social Security for High-Income Retirees Read More »
Navigating the complexities of tax forms can be a daunting task for many taxpayers in the United States. However, understanding how to properly fill out a W-4 form can significantly impact your financial health, ensuring you maximize your take-home pay while minimizing your tax liabilities. This guide is designed to help the everyday taxpayer get
The Ultimate Guide to Filling Out Your W-4 for Maximum Tax Benefit Read More »
Here is an article from Nerdwallet that focuses on the IRS rules and regulations for Required Minimum Distributions (RMD) from retirement accounts. Here are the key points you learn from this article: 1. What is an RMD? 2. What are the rules for RMDs. 3. How RMDs are calculated. 4. RMDs when you have multiple
What Are Required Minimum Distributions, or RMDs? Read More »
For 2023, the IRS’ mileage rates are $0.655 per mile for business, $0.22 per mile for medical or moving, and $0.14 per mile for charity. You must meet certain requirements and Nerdwallet helps walk you through the process. If you have not made your tax appointment yet, please give us a call so we can
2023 IRS Mileage Rates: Business, Moving, Medical and Charity Read More »
Here is an article on Rental Property tax deductions. The Nerdwallet article focuses on the 5 Big Rental Property deductions. The five big deductions are mortgage interest, depreciation, property taxes, repairs, and other expenses. If you know anyone with rental properties, please feel free to forward the article as the information could benefit them. If
5 Big Rental Property Tax Deductions Read More »
Here is an article from Nerdwallet on tax deductions you can take when self-employed in 2023. I chose this article because I get a lot of questions throughout the season about the types of deductions that can be taken as a self-employed individual. One of the biggest areas that self-employed people overlook is the retirement
15 Self-Employment Tax Deductions in 2023 Read More »
Here is an article on Tax Brackets and Federal Tax Rates for the 2022 tax season. The Nerdwallet article focuses on the tax rates for 2022 and also, the current changes for 2023. There are seven federal tax brackets for the 2022 and 2023 tax years. Being “in” a tax bracket doesn’t mean you pay
2022-2023 Tax Brackets and Federal Income Tax Rates Read More »
This Inside Indiana Business article explains the 529 plan that is available for Indiana only. The credit is up to $1,000 dollars in 2022 and increases up to $1,500 in 2023. Bob Donica Source: Inside Indiana Business | Repost RE Donica & Associates 2/2/2023 – Indiana’s CollegeChoice 529 plan is a fantastic way to save
Indiana 529 Plan: 5 Common Questions Read More »
This article from Nerdwallet focuses on education tax credits and deductions you can take on your federal taxes. Bob Donica Source: Nerdwallet | Repost RE Donica & Associates 2/2/2023 – If you paid for college in the last year, you may be able to claim the American opportunity credit or lifetime learning credit, or the the
Education Tax Credits and Deductions You Can Claim for 2022 Read More »
