2026 Dollar Limits
Each year, the dollar limits for various tax items are adjusted for inflation. To see those amounts for 2026, click on the link below: 2026 Dollar Limits Flyer
Five Things to Do Now That Tax Season is Over
Tax season might be behind us (hooray!), but there are still a few smart steps you can take now to wrap things up smoothly and set yourself up for success next year. Here are five things to consider: Save a Copy of Your Return Keep both a digital and paper copy of your return, along with all supporting documents like…
A Medicare Primer
Many of us are anxiously awaiting retirement. We have visions of doing whatever we want whenever we want to do it, right? But we also know that we'll need money to live in the manner to which we've become accustomed. That's where Social Security and Medicare come in - the safety nets that provide us with a foundation of income…
Required Minimum Distribution Penalty Relief for 2024
IRS Notice 2024-35 provides tax relief from penalties for failure to take certain required minimum distributions (RMDs). This relief generally applies to non-spousal beneficiaries of inherited retirement accounts. First, the general RMD rules . . . The required beginning date for required minimum distributions (RMDs) from retirement accounts such as traditional IRAs and pretax 401(k)'s is April 1 of the…
Tax Credits for Families for 2023 Tax Returns
Two tax credits may apply to your tax situation if you have children, and one of those will potentially increase if pending tax legislation passes in time for your 2023 return. Child Tax Credit The Child Tax Credit applies if you had a child in 2023 that meets these criteria: Has a Social Security number that is valid for employment…
Following the Progress of SECURE Act 2.0
Every good movie has a sequel. In this case, the "movie" is SECURE Act 2.0 - a sweeping piece of legislation that if passed, will affect both individual and company-sponsored retirement plans. The Back Story In 2019, Congress passed the SECURE Act, which affected many aspects of retirement plans. One of its most memorable scenes was increasing the required minimum…
Here’s What You Need to Know About 529 Plans and Higher Education Tax Credits
Do you have children or grandchildren who plan to attend college in the future? Do you have a dependent in college now? Are you considering going back to college to finish a degree or start a graduate degree program? As the cost of a college education continues to increase, understanding the tax implications of saving and paying for tuition is…
Things to Consider When Refinancing Your Mortgage
The combination of low interest rates and rising property values may be leading you to consider refinancing your home. Whether you should do so depends on several factors. Why Refinance? Here are four benefits to refinancing: 1. Lowering Your Interest Rate and/or Your Monthly Payment Reducing your interest rate can provide significant long-term savings, especially if your current rate is…