Avoid Name Mismatch Audits
Avoid Name Mismatch Audits Published: 12/12/2024 If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing next year’s tax return. The IRS automatically conducts a name match on the first few letters of your last name. The […]
Tax Shifting Ideas to Reduce Your Bill to Uncle Sam
Tax Shifting Ideas to Reduce Your Bill to Uncle Sam Published: 12/9/2024 Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex in its construction, […]
Plan Your 2025 Retirement Contributions
Plan Your 2025 Retirement Contributions Published: 12/6/2024 As part of your planning for next year, now is the time to review funding your retirement accounts in 2025. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher income phaseouts for eligibility will make many more taxpayers eligible for fully-deductible […]
Remove the Stress from Paying Student Loans
Remove the Stress from Paying Student Loans Published: 12/2/2024 Paying off student loans can be a daunting task. However with a planful approach, making your loans disappear can be a lot more manageable. Here are some tips to help make paying off your student loans less stressful and hopefully quicker! Refinance your loans. You may […]
Taxes: Understanding the Essentials
Taxes: Understanding the Essentials Published: 11/29/2024 Navigating the tax system can be challenging for everyone, whether you’re an adult who hasn’t paid much attention to paycheck deductions or a young person starting your first job. A crucial first step in managing taxes is knowing when to seek help, which begins with understanding what can be […]
Avoid Sneaky Fees Draining Your Bank Account
Avoid Sneaky Fees Draining Your Bank Account Published: 11/27/2024 Inflation isn’t the only reason why your wallet or purse feels lighter these days. Sneaky fees are finding their way into things we buy every day. Here are some common fees you may encounter and what you can do to avoid them altogether. Common areas with […]
2025 Social Security Changes
Watch Out for These Tax Myths Published: 11/23/2024 Average Retirement BenefitsStarting January 2025 Average Benefits – All Workers 2025: $1,976/mo (+$69) 2024: $1,907/mo Maximum Benefits for Workers Retiring at Full Retirement Age 2025: $4,018/mo (+$196) 2024: $3,822/mo An 2.5% cost of living increase for Social Security retirement benefits and SSI payments begins with December 2024 […]
Watch Out for These 4 Tax Myths
Watch Out for These Tax Myths Published: 11/20/2024 Many myths about the IRS and the tax code have been amplified online in recent years. Here are several myths that if you believe them, could leave you with an expensive tax surprise. Myth #1: Retirement money is always tax free. You have retired and withdraw from […]
2025 Cost-of-Living Adjustment (COLA) Changes
2025 Cost-of-Living Adjustment (COLA) changes Published: 11/18/2024 The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025, another rate drop versus last year’s increase of 3.2%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in […]
Top 15 Year-End Tax Tips
Top 15 Year-End Tax Tips Published: 11/15/2024 At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review. 1. Make last minute charitable donations. Pay attention to your itemized deduction […]