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2025 Year-End Tax Checklist
Only 31 days until 2026! By taking certain steps before the end of the year, you might be able to significantly reduce your 2025 tax bill. This month, we’ll go over some things to review before the end of the year. Review Major Life-Event Taxes If any of these happened in 2025, adjust your tax […]
2025 Tax Reform: Final Tax Provisions
You may have been reading about the significant federal tax law changes that have recently been passed. They take effect over the next couple of years, but some of them (like Clean Energy Credits) start soon. This month’s article is meant to bring you up to speed on the changes. Permanent Extensions from the 2017 […]
After-Tax 401(k) vs Roth 401(k) Contributions
You probably already know this, but as a reminder a 401(k) is a retirement savings plan offered by many employers that allows you to save and invest a portion of your paycheck before or after taxes, depending on the type of account you choose. (To avoid any confusion, there are also traditional and Roth IRAs […]
Family Loans or Gifts
Whether you decide to help a family member (or a friend) with a loan or a gift, it can be tricky. This month we’ll provide some information to help you decide whether to make a family loan, gift or to do nothing at all. Sometimes, it’s just best to do nothing at all. For example, […]
National Caregivers Day – February 21, 2025
National Caregivers Day is observed to recognize and honor the dedication and hard work of the approximately 53 million caregivers who provide essential support to individuals in need of care due to aging, illness or disability. These caregivers may include professional caregivers, family members or friends who offer physical, emotional and practical care. In the […]
2025 Tax Law Changes
As you make your plans for the coming year, it’s important to take note of the changes in contribution limits and other tax changes in 2025. The information that follows was gathered from the IRS and other relevant government agencies. Social Security Social Security payments will increase 2.5% in 2025. 401(k) I view 401(k) plans […]
Roth 401(k) Plans
You probably know there are two commonly used types of retirement plans: Individual Retirement Plans (IRAs) and 401(k)s/403(b)s offered by employers. Further, they come with different tax treatment choices, Traditional and Roth. In short, the Traditional option is funded with pre-tax dollars and withdrawals (contributions and growth) are taxed as ordinary income. The Roth option […]
Capital Gains for Stock Sales
Capital gains represent the difference between the purchase price and the sales price of capital assets. Capital gains apply to a number of assets including: stocks, mutual funds, Exchange Traded Funds (ETFs), bonds, real estate, cryptocurrencies, stamp and coin collections, precious metals, artwork and so forth. (More specifically, if the sales price exceeds the purchase […]
Personal Financial Calendar for 2024
As the New Year begins, it’s a great time to take note of important financial events that are coming this year. This will let you plan for them and avoid penalties and interest charges for missed payments. January Be sure you have signed up for your company’s 401(k) program – especially if your employer offers […]
2024 Tax Law Changes
As you make your plans for the coming year, it’s important to take note of the changes in contribution limits and other tax changes in 2024. The information that follows was gathered from the IRS and other relevant government agencies. Social Security Social Security payments will increase 3.2% in 2024. 401(k) I view 401(k) plans […]