Our Financial Blog

Mid-Year Tax Planning Checklist

Mid-Year Tax Planning Checklist

Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The following are some events that can...

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Building on filing season 2023 success, IRS continues to improve service, pursue high-income individuals evading taxes, modernize technology

Building on filing season 2023 success, IRS continues to improve service, pursue high-income individuals evading taxes, modernize technology

Thanks to Inflation Reduction Act resources, the IRS delivered dramatically improved service in filing season 2023. IRS achieved an 87% level of service. Through the end of filing season, IRS answered 3 million more calls, cut phone wait times to three minutes from 28...

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Relief For Some 2023 IRA RMDs

Relief For Some 2023 IRA RMDs

On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have to take their first required minimum distribution (RMD) by April 1, 2025, rather than April 1, 2024....

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Mid-Year Tax Planning Checklist

Tax Changes Coming After 2025

By now you have probably gotten used to the provisions in the Tax Cuts and Jobs Act (TCJA) that became effective January 1, 2018.  But don’t forget, most of the tax changes made by the TCJA are not permanent and will expire (sunset) after 2025. This will have an...

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What’s Best, FSA or HSA?

Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both plans allow you to set aside money to pay medical expenses with pre-tax dollars, providing a significant tax benefit. But...

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Tax tips for new parents

Tax tips for new parents

Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents   Get the child a Social...

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Have You Gotten Bad Tax Advice?

The U.S. Tax Code is used for more than just collecting taxes. It is used by the Government as a means of providing lower-income individuals with social benefits such as the earned income tax credit, child tax credit and health care subsidies. It also is used to...

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