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IRS Reveales the Start Date for the Upcoming Tax Season

IRS Reveales the Start Date for the Upcoming Tax Season

The Internal Revenue Service (IRS) has officially announced that the tax season will commence on January 27, with federal tax returns due by Tuesday, April 15. If you are unable to file by the deadline, you can request an extension by submitting Form 2868 by April 15,...

Can FSA Benefits be Spent on Service Animals?

Can FSA Benefits be Spent on Service Animals?

Most people think of using their Flexible Spending Account (FSA) funds for medical treatment and material goods, but medically eligible expenses can also include a Service Animals. If your furry friend is part of a medical treatment strategy, some of the associated...

IRS Announces Increased Estate and Gift Tax Exemption for 2025

IRS Announces Increased Estate and Gift Tax Exemption for 2025

The Internal Revenue Service (IRS) revealed an increase in the estate and gift tax exemption for the year 2025. The “basic exclusion amount” will rise to $13.99 million per individual in 2025, up from $13.61 million in 2024, according to the agency. These exemptions...

IRS Reveals Updated Federal Income Tax Brackets for 2025

IRS Reveals Updated Federal Income Tax Brackets for 2025

The Internal Revenue Service (IRS) has announced new federal tax brackets for 2025, reflecting adjustments for inflation. The standard deduction will rise to $30,000 for married couples filing jointly and $15,000 for individual taxpayers. Additionally, there will be...

Roth IRA: A Valuable Savings Opportunity for Your Children 

Roth IRA: A Valuable Savings Opportunity for Your Children 

Establishing a Roth IRA for young children is a strategic approach to fostering their financial well-being and can provide significant benefits.  As of 2024, individuals under the age of 50 can contribute a maximum of $7,000 to any IRA, including Roth and traditional...

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