Due Date Approaches for 2023 Federal Income Tax Returns
Tax season is upon us! If you haven’t started gathering your documents for your 2023 tax return, now’s the time. We provide more details on filing extensions and due dates in this tip!
Tax Relief Legislation in Progress
The Tax Relief for American Families and Workers Act of 2024, recently passed by the House, could bring significant changes for parents and businesses. Highlights include potential increases to the child tax credit and accelerated business expense deductions. Stay tuned as the bill moves to the Senate!
Naming Your IRA Beneficiary – More Complicated Than You Might Expect
Planning your IRA beneficiary is crucial! Ensure your assets go where you intend them to. Periodically review your IRA beneficiaries to align with changing circumstances.
New Employee vs Independent Contractor Rule Effective March 11, 2024
The U.S. Department of Labor issues new rule on employee vs. independent contractor classification! Effective March 11, 2024, the six-factor test replaces the 2021 rule.
There’s Still Time to Contribute to an IRA for 2023
You have until your tax return due date, excluding extensions, to contribute up to $6,500 for 2023 ($7,500 if you were age 50 or older on December 31, 2023) to all IRAs combined. For most taxpayers, the contribution deadline for 2023 is April 15, 2024.
Death, Taxes, and Paperwork: Filing a Final Tax Return
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Senior Associate Michael Griffin, CFP®, and Jessie Thomas, CPA, Tax Manager with Henssler CPAs & Advisers, to recommend actions an investor and his son can do when filing the final tax return for his deceased wife.
Are You Taking Advantage of Your Employer’s Fringe Benefits?
Did you know your employer might offer tax-free fringe benefits? From health benefits to education assistance, there are perks beyond your paycheck.
Major Tax Sunset on the Horizon
Wondering about the future of tax laws post-2025? With expiring provisions from the Tax Cuts & Jobs Act and pandemic-related changes, uncertainty looms. Stay informed to navigate potential impacts on estate and income tax planning.
SECURE 2.0 Provides New Retirement Savings Options in 2024
The SECURE 2.0 Act, passed in Dec 2022, brings key amendments to retirement savings. From matching student loan payments to new early withdrawal exceptions, and the introduction of emergency savings accounts – 2024 is seeing significant shifts.
Don’t Miss Out on Your Employer’s Flexible Spending Benefits
Unlock the Benefits of a Health FSA! Learn how an FSA empowers employees to tackle medical expenses tax-efficiently. No federal income or employment taxes on contributions, and reimbursements for qualified medical expenses are tax-free.