Tax policy is poised to take center stage in the coming year as the expiration of the 2017 Tax Cuts and Jobs Act (TCJA) approaches in 2025. Enacted as the most comprehensive tax reform in 30 years, the TCJA introduced sweeping changes impacting both individual and...
For Individuals
Retirees Can Maximize Their Year-End Tax Break for Charitable Giving with This Strategy
As the year comes to a close, retirees have an opportunity to combine their philanthropic goals with smart tax planning. A Qualified Charitable Distribution (QCD) can help retirees reduce their taxable income, meet required minimum distributions (RMDs), and make a...
Important Changes to IRAs and 401(k)s to Watch for in 2025
Due to the SECURE Act 2.0, several updates to Individual Retirement Accounts (IRAs) and 401(k) plans are scheduled for 2025. These changes will be rolling out over the next few years. Understanding these modifications can help you save money, avoid penalties, and plan...
How the Increase in Required Minimum Distribution (RMD) Age Impacts Retirees’ Finances
When retirees prepare for the future, it’s essential to understand how Required Minimum Distributions (RMDs) can affect retirement savings and taxes. RMDs are mandatory withdrawals from specific tax-deferred retirement accounts, and they play a key role in retirement...
IRS Scam Artists Are Getting Smarter: How to Detect and Avoid IRS Imposter Scams
IRS impostors are becoming more sophisticated, and taxpayers are falling victim. According to the Federal Trade Commission (FTC), nearly $5 million have been scammed from unsuspecting Americans over the last five years. Read on as we discuss how these scams work and...
New Law Allows Penalty-Free Emergency Withdrawals From Retirement Funds
A key feature of the SECURE Act 2.0, passed by Congress in late 2022, allows emergency withdrawals of up to $1,000 from retirement accounts without penalties. While this provision offers greater flexibility in urgent situations, there are specific rules and potential...
Common Pitfalls To Avoid When Paying off Debt
The combination of rising living costs, unexpected expenses, and reliance on credit cards has led to a significant increase in personal debt among Americans. As of early 2024, American household debt has surged from $16.9 trillion in 2022 to $17.69 trillion. While the...