Tag: #accountants

  The 4th series in our blog post will cover child adoption, kiddie tax, student loan interest deduction and bonds used for education. Child Adoption: The adoption credit for 2023 can be taken for qualified expenses up to $15,950.  The full credit is available for a special-needs adoption, even if it costs less. The creditRead more…

The Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:   67 cents perRead more…

  The 3rd series in our blog post will cover retirement savings, long-term care insurance premiums, HSAs (health savings accounts) and FSAs (flexible spending accounts). Retirement savings: Good news for retirees!  The beginning age for taking required minimum distributions (RMDs) rises to 73 from 72 for owners of traditional IRAs, 401(k)s and other workplace retirementRead more…

  Knowing the tax changes that apply for the 2023 tax year will give you a step up in planning and can impact your bottom line. This blog series will recap the most important tax law changes and adjustments for 2023, with some related items grouped together. The 2nd series in our blog post will coverRead more…

Knowing the tax changes that apply for the 2023 tax year will give you a step up in planning and can impact your bottom line. Proper tax planning requires an awareness of what’s new and changed from last year — and there are lots of tax law changes and updates for 2023 that you needRead more…

The Internal Revenue Service announced the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mileRead more…

Beginning January 1, 2024, many companies will be required to report information about their beneficial owners (the individuals who ultimately own or control the company) to the U.S. government through the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).  Reports cannot be reported before January 1, 2024. Who Has to Report? Companies required to file aRead more…

The IRS says health savings account (HSA) contribution amounts are going way up for 2024. Here’s what you need to know. Health savings accounts (HSAs) offer a tax-advantaged way to save money to pay for certain medical expenses. Your HSA contributions are tax-deductible, so they potentially help reduce your taxable income. But contributions to yourRead more…

Cost-of-living adjustments mean higher IRA and 401(k) contribution limits for 2024. IRA contribution limits for 2024 The contribution limits for a traditional or Roth IRA increased last year for the first time in four years, and the limits are going up again for 2024. You can contribute a maximum of $7,000 (up from $6,500 for 2023). Catch-upRead more…

Inherited IRA distribution rules have changed in ways that can significantly impact your taxes and tax strategy. Inherited IRA beneficiaries should be aware of several important tax considerations — especially considering recent rule changes and delays involving required minimum distributions (RMDs). Here are a few tax things every IRA beneficiary should know. Inherited IRA taxRead more…