Preparing for the 2025 Tax Season
The start of a new year marks the beginning of the 2025 tax filing season. With this tax season, we also get our first taste of the major tax changes made by the “One Big Beautiful Bill” that was signed into law in 2025. Tax season often brings anxiety, but preparation is the best defense. […]
Roth Conversions – Does it Make Sense?
Among many of the topics that are appropriate to address at the end of the year financially, one of the most important is tax planning. Within that overarching topic is the more specific subject of Roth conversions. In short, a Roth conversion involves the distribution of some or all of your pre-tax IRA assets and […]
One Big Beautiful Bill
One Big Beautiful Bill: A Game-Changer for U.S. Taxes On July 4, 2025, President Trump signed into law a landmark piece of legislation known as the One Big Beautiful Bill Act (“Act”). The provisions of the Act represent the most comprehensive tax law changes since the 2017 Tax Cuts and Jobs Act (“TCJA”). In many […]
Paying Taxes in Retirement
Retirement is often seen as a time to relax and wind down. But even after your working years are behind you, there’s one thing that doesn’t retire and that is taxes. Many Americans assume that their tax burden may lighten in retirement. After all, most have worked and paid taxes their entire career. But the […]
Preparing for the 2024 Tax Season
The new year is upon us and with it comes a new tax season. And that brings with it a level of anxiety for many about filing their tax return. To help reduce some of that concern, here are a few suggestions on how to best prepare to file your return for 2024. Protect yourself […]
2024 Year End Tax Planning
As with every year, it makes sense to consider tax planning moves before the end of the year that can help lower your tax bill for 2024. With this being a presidential election year, planning takes on even more importance. The general strategy of deferring income into next year and accelerating deductions into this year […]
Preparing for the 2023 Tax Season
The new year is here and tax season is almost upon us. And that brings with it a new tax filing season and trepidation for many about filing their tax return. To help reduce some of that anxiety, here are a few suggestions on how to best prepare to file your return for 2023. Organize […]
2023 Year End Tax Planning
As with every year, it makes sense to consider income tax planning moves that can help lower your tax bill this year. The general strategy of deferring income into next year and accelerating deductions into this year still makes sense for most people – although the ability of many people to benefit from accelerating deductions […]
HSA Planning: Drawdown and Estate Planning
The IRS recently announced the annual HSA contribution limits for 2024: $4,150 for self-only coverage and $8,300 for family coverage. This is one of the most significant jumps in years and not surprising, given the latest inflation trends. And if you are 55 or older, you can tack on an additional $1000 catch-up contribution. What […]
Highlights of the SECURE 2.0 Act
The SECURE 2.0 Act of 2022 (“Act”) was signed into law by President Biden on December 29th, 2022. The Act contains over 90 new provisions to offer more flexibility and incentives for those saving for retirement. Some provisions have already taken effect (starting 1/1/2023) while others will go into effect in 2024, 2025, or later. […]