Seniors & Retirees: A Quick Tax Checkup List Retirement is supposed to simplify life—but taxes can get more complicated once you stop working. Social Security, pensions, IRA/401(k) withdrawals, and Medicare premiums all interact in ways that can increase your tax bill if you’re not planning. Below are 7 tax items every senior and retiree should […]
Seniors & Retirees: A Quick Tax Checkup That Could Save You Money Read More »
2025 Tax Changes: What to Know (and Who Benefits Most) Several major tax updates are slated to begin in 2025, including new above-the-line deductions, an expanded SALT cap for itemizers, and a modest increase to the Child Tax Credit. Here’s a practical breakdown of what’s changing—and how to plan around it. New deductions starting in
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Planning for retirement just got a significant boost with the updated IRS contribution limits and key provisions from the SECURE Act 2.0. For 2025, indiveduals can enjoy higher contribution limits, new catch-up opportunities, and expanded options like Roth conversions and 529 rollovers. These changes not only help savers maximize their retirement funds but also introduce
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I’m often asked about ways homeowners can save on taxes while improving the energy efficiency of their homes. One of the most valuable incentives available today is the Home Energy Tax Credit. Let’s break it down so you can understand how to take full advantage of this opportunity. What Is the Home Energy Tax Credit?
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As your go-to tax professional, I’m here to make this tax season as smooth as possible. Below, I’ve outlined everything you need to know about Tax Day 2025, extensions, and key deadlines to help you avoid penalties and stay on track. Let’s get ahead of the game—schedule your appointment today, and let’s make this filing
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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
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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
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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
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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
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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
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