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What You Need to Know About IRS Tax Changes for 2024
π The Internal Revenue Service (IRS) recently bumped the income thresholds for its tax brackets by 5.4% for 2024, its latest adjustment to account for elevated rates of inflation. The move is unlikely to produce a material change on most Americansβ tax burdens,...
Tax-Aware Investment Strategies You Should Consider
Although taxes shouldn't necessarily drive your investment decisions, thoughtfully evaluating the asset classes you choose and the accounts you hold them in could help you lower your tax bill. While tax rules and rates may change over time, the value of keeping taxes...
How does a Health Savings Account (HSA) Work?
Health Savings Account (HSA) work together with an HSA-eligible health plan. If you're enrolled in this type of health plan, you can make pre-tax contributions to an HSA, allowing you to pay for qualified medical expenses tax-free. This can help create a cash cushion...
Mortgage Rates Near 20-Year Highs
π Mortgage rate races toward 8% after hitting a high not seen since late 2000. The average rate on the popular 30-year fixed mortgage rose to 7.72%, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury, which has been...
Did You Know the IRS Website Offers Helpful Resources for Taxpayers?
The Internal Revenue Service (IRS) encourages taxpayers to visit IRS.gov for tips, tools and resources to help them prepare to file their 2023 federal income tax return. The Get Ready to File Your Taxes page on IRS.gov outlines steps taxpayers can take now to make...
Things to Do Before Tax Day
Happy New Year to all! β€ Whether you're taking a well-deserved break or you've already got your New Year's resolutions in gear, taxes may be on your mind. You should already have an idea of what you will have to pay on tax day. If you don't have it and don't want to...
Did You Know Donations Offer Tax Advantages?
π December is a generosity season, and if you feel the need to make donations this year, you may be rewarded with tax advantages. If you donate to an organization that meets the requirements of section 170(c) of the tax code, you can deduct that charitable donation...
Busting BOI Report Myths
You've probably heard about BOI (Beneficial Ownership Information), but don't quite know what it's all about, or how it can affect your company. π Don't worry, we'll answer some of your questions here - let's get started! πΉ What is BOI reporting? β The Beneficial...
Tax Saving Moves You Can Make Before the End of the Year
π Tax Day may still be months away, but there are many steps you can consider before then that will help manage your bill. In fact, certain tasks should not, in some cases cannot, wait until next year, lest you miss out on potentially important opportunities. Here are...