Accountant Near Me

Seniors: You Might Not Want to Sell that Highly Appreciated Home

In recent years, the residential real estate markets in many areas have surged. That means there are more seniors with highly appreciated homes than ever before. If you’re facing this situation, you might be rightfully concerned…
Continue Reading
Accountant Near Me

IRS issues final regulations on inherited IRAs

The IRS has published new regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The final regs, which take effect in 2025,…
Continue Reading
Accountant Near Me

Important Things to Know about 529 College Savings Account Withdrawals

Have you set up Section 529 college savings plans for your children or grandchildren? The major advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free. But there can be limitations on withdrawal rights and…
Continue Reading
Accountant Near Me

Legitimate Ways to Avoid a 10% Penalty Tax on Early IRA Withdrawals

In a pinch, you may need to take some money out of your traditional IRA (or IRAs) before you reach age 59½. The IRS refers to these distributions as “early withdrawals.” While most traditional IRA withdrawals…
Continue Reading
Accountant Near Me

Deducting Start-Up Costs for Federal Tax Purposes

There’s been a significant increase in new business applications in recent years. Finance company NerdWallet estimates that 2.8 million new business ventures have started since 2021. Will Your Start-up Succeed? Start-ups can be risky business. Roughly…
Continue Reading
Accountant Near Me

Set Up a Tax-Favored ABLE Account for a Family Member with a Disability

Today, most states offer programs that allow you to establish a tax-favored account to cover the qualified expenses of a family member with a disability. These programs were authorized under the Achieving a Better Life Experience (ABLE)…
Continue Reading
Accountant Near Me

Which provisions went into effect in 2024?

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plans and tax laws. Many of its provisions are little…
Continue Reading
Accountant Near Me

Elder Scams: Dont Take the Bait

Today, virtually everyone is vulnerable to fraud schemes, from teenagers searching social media to middle-aged people making online purchases and senior citizens caught up in Ponzi schemes. But financial exploitation of elderly people is especially rampant.…
Continue Reading
Accountant Near Me

7 Midyear Tax Planning Tips for Individuals

Summer is a good time to reflect on tax planning moves that could lower this year’s tax bill. It appears there won’t be any significant federal tax changes that will take effect next year. If that’s…
Continue Reading
Accountant Near Me

Do You Qualify for the 0% Tax Rate for Capital Gains and Dividends?

Many people currently qualify for a 0% federal income tax rate on net long-term capital gains (LTCGs) and qualified dividends earned in their taxable accounts. Investment assets that may qualify include marketable securities and real estate…
Continue Reading