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LOOKING AHEAD TO 2025 TAX LIMITS AS YOU PREPARE TO FILE YOUR 2024 RETURN
Right now, you are likely more concerned about your 2024 tax return than you are about your 2025 taxes. However, now is a good time to familiarize yourself with tax limits that are changed for 2025. Not all tax figures are adjusted annually for inflation, and some amounts only change
PLANNING YOUR ESTATE? DON’T OVERLOOK INCOME TAXES
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal
WHAT MIGHT BE AHEAD AS MANY TAX PROVISIONS ARE SCHEDULED TO EXPIRE?
The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on
CERTAIN CHARITABLE DONATIONS ALLOW YOU TO AVOID TAXABLE IRA WITHDRAWALS
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a
INFLATION ENHANCES THE 2025 AMOUNTS FOR HEALTH SAVINGS ACCOUNTS
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSA). These amounts are adjusted each year, based on inflation. The
SOCIAL SECURITY TAX UPDATE: HOW HIGH CAN IT GO?
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand
THE TAX CONSEQUENCES OF SELLING MUTUAL FUNDS
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According
YOU MAY BE ENTITLED TO TAX BREAKS IF CARING FOR AN ELDERLY RELATIVE
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing
WHEN DO VALUABLE GIFTS TO CHARITY REQUIRE AN APPRAISAL?
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal.
PAY ATTENTION TO THE TAX RULES IF YOU TURN YOUR HOBBY INTO A BUSINESS
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or