Tax Planning Updates: Inherited IRAs
If you have inherited an individual retirement account (or may someday inherit) IRAs, the 2025 changes may significantly impact your tax planning. Key Updates Spouses and Special Cases Planning Strategies Strategic withdrawals can help you avoid higher tax brackets. For example, spreading withdrawals evenly over 10 years can minimize tax impact. Timing withdrawals based on […]
HSA Contributions Beyond Age 65
Do you have a health savings account (HSA)? If so, you have one of the best tax-advantaged accounts. HSAs provide a unique triple tax benefit: Indeed, there is only one thing wrong with HSAs: you cannot make contributions after you enroll in Medicare (usually at age 65). You probably would like to continue contributing to […]
IRS Penalties & Strategies for Relief
If you’ve recently been billed by the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, we urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes steep penalties for filing tax returns […]
5 Tax Tips For 2020 Tax Season
2018 and 2019 were big years for tax changes. The Tax Cuts and Jobs Act had major implications for individuals and businesses. In 2020, overall, we will see much less change but it’s important to ensure you’re taking advantage of these changes properly in 2020. Here are 5 tax tips for 2020 tax season to […]
What Gig Economy Workers Should Know About Taxes and the IRS
