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 …

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? …

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 …

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 …

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 …

(317) 912-2100 [email protected] Mon – Sat: 10:00 AM – 6:00 PM 10763 Allisonville Rd Fishers, IN 46038 Capital gains tax is a crucial consideration for investors, levied on the profit from the sale of assets like stocks or real estate. The tax rate varies based on the asset’s holding period and the taxpayer’s income level, …

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 …

Tax season is coming to an end on April 18th. If you have not turned your taxes in yet, there is a good chance you will need to file an extension to avoid penalties for filing late. This article from Nerdwallet does a great job of explaining what an extension is and how it works. …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

I found a couple of articles from SmartAsset and NerdWallet on Child Tax Credits for the 2022 tax season. This year there are some substantial changes compared to last year’s credits. Enjoy the articles and I will be happy to discuss the pros and cons for you when we review your 2022 Tax Returns with …

I found a couple of articles from SmartAsset and NerdWallet on Child Tax Credits for the 2022 tax season. This year there are some substantial changes compared to last year’s credits. Enjoy the articles and I will be happy to discuss the pros and cons for you when we review your 2022 Tax Returns with …

This article from Kiplinger highlights contribution limits for 2022 and 2023. Let me know if you have any questions. I will be glad to discuss the impact this has on your scenario when we meet to review your 2022 tax returns. Bob Donica Source: Kiplinger | Repost RE Donica & Associates 1/19/2023 – All-in-all, Roth …

In this article from Nerdwallet, you will find highlighted the income limits for 2022 and 2023 for your reference. Let me know if you have any questions. I will be glad to discuss the impact this has on your scenario when we meet to review your 2022 tax returns. Bob Donica Source: Nerdwallet | Repost …

When Is Tax Day? Tax Day 2023 is April 18 for all federal tax returns and payments. State of Indiana is April 18th as well. So why the change this year? Emancipation Day is being observed on Monday, April 17, in Washington, D.C., which means government offices are closed.  So you get until Tuesday to …

The state started sending out taxpayer refund checks last week. You should receive it Direct Deposit from The Indiana Department of Revenue as long as you have bank information on File, or a paper check by Nov 1, 2022. If you have not received it by Nov 1, 2022, taxpayers can contact the Department of …

This article from the IRS shares changes that have occurred for business mileage as well as mileage for medical trips. These changes started July 1, 2022. Check out the article and give me a call if you have any questions. Robert Donica Source: IRS | Repost RE Donica & Associates 8/15/2022 – The Internal Revenue …