Charitable Giving

With the holiday season kicked off, many are turning their thoughts to making charitable donations. Suppose you own or are a beneficiary of an IRA and you’re at least 70½ years old. In that case, you can make qualified charitable distributions (QCDs) of up to $105,000 in tax-free charitable donations during 2024. That’s up from […]

RMDs due by December 31st

Taxpayers born before 1951 need to take required minimum distributions (RMDs) by Dec. 31, to avoid penalties. RMDs are the mandatory withdrawals from many retirement plans and IRAs, including SIMPLE IRAs and SEPs. Roth IRAs aren’t subject to RMDs during the owners’ lifetimes. RMDs are taxable income and can incur penalties if not withdrawn on […]

Beyond the numbers: 5 red flags that may indicate financial distress

Financial statements help managers, lenders and investors evaluate a company’s financial performance. But they tell only part of the story — and they might not reveal financial distress until it’s too late, especially for companies that issue only annual reports. So it’s critical to watch for these five common warning signs indicating a company may […]

A reminder to check your withholding

As we get closer to the end of the year, employees only have a few paychecks left for 2024. If you’re an employee who received a surprise tax bill – possibly with penalties – for the 2023 tax year, consider checking your withholding to ensure it’s sufficient. The IRS provides an online withholding estimator tool […]

2025 State Tax Competitiveness Index

2025 State Tax Competitiveness Index https://bit.ly/418nLMt

What is the Social Security wage base for 2025?

Is a capital gain rate reduction in the future?

Before the recent election, it was possible that capital gains tax rates might go up for some taxpayers in the near future. Now, with the Oval Office and both houses of the U.S. Congress soon to be in Republican hands, there’s a significant chance rates will be reduced. Currently, long-term gains (on investments held more […]

You don’t have to be in business to deduct certain vehicle expenses

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could […]

Pushback to changing the Inflation Reduction Act

President-Elect Donald Trump has promised to dismantle the Inflation Reduction Act (IRA), saying he’ll target unspent tax incentives earmarked for clean energy manufacturing. But the likely Republican-controlled U.S. Congress may push back. Many green energy projects benefitting from IRA tax breaks are in progress in Republican districts. In August 2024, 18 House Republicans formally asked […]

IRS proposes shortening statutory 45-day notice

If the IRS contacts you about a specific tax matter, you can authorize a third party to handle it on your behalf. It could be a relative, friend or a tax pro at our firm, as long as you grant formal permission. Current rules require the IRS to provide a 45-day notice when it intends […]