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Changes to Washington’s Capital Gains Tax: What You Need to Know

By Chelsie Smith / June 9, 2025 / Comments Off on Changes to Washington’s Capital Gains Tax: What You Need to Know

If you’re planning a significant asset sale, there’s a new update from Olympia you should know about. Washington State has recently passed important changes to its capital gains tax that could affect your 2025 tax bill—especially if you’re among the state’s high earners. Let’s break it down. What’s Changing? On May 20, 2025, Governor Bob…

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2024 IRA & HSA Contribution Deadline

By Chelsie Smith / March 19, 2025 / Comments Off on 2024 IRA & HSA Contribution Deadline

You still have time to contribute to your Traditional IRA, Roth IRA, SEP IRA, and HSA accounts for 2024. Contributions are due by the earlier of April 15, 2025, or the filing date of your tax return. For 2024, you can contribute up to $7,000 to your Traditional or Roth IRA and an additional $1,000…

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Summary of 2025 Key Financial Changes

By Chelsie Smith / January 16, 2025 / Comments Off on Summary of 2025 Key Financial Changes

Social Security recipients are getting a 2.5% increase in their 2025 benefits. The Medicare Part B premium is increasing from $174.70 to $185.00 per month. The annual exclusion for gifts increases to $19,000 from $18,000 per year per individual. The limitation on deferrals for 401(k), 403(b), and most 457 plans is increased to $23,500 for…

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The Tax Cuts and Jobs Act (TCJA) and Potential 2026 Tax Changes

By Chelsie Smith / January 16, 2025 / Comments Off on The Tax Cuts and Jobs Act (TCJA) and Potential 2026 Tax Changes

The current tax code enacted in 2017 by the first Trump administration is called the Tax Cuts and Jobs Act and is scheduled to sunset in 2025. This means that starting in 2026, we will revert to the pre-Tax Cuts and Jobs Act tax code unless some or all the provisions extended. We could get…

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taxes

Schwab 1099 Release Dates for 2024

By Chelsie Smith / January 15, 2025 / Comments Off on Schwab 1099 Release Dates for 2024

Schwab uses a phased approach to get tax forms out quickly and minimize corrections. All original tax forms will be available between January 31, 2025, and February 28, 2025. 1099 Composites for Brokerage accounts will be available on the following dates depending on the holding in your account: January 31st February 14th February 28th 1099-R…

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2024 Year-End Tax Planning

By Chelsie Smith / November 22, 2024 / Comments Off on 2024 Year-End Tax Planning

The window for many tax-saving opportunities closes on December 31st. It’s important to evaluate your tax situation while there’s still time to affect your bottom line for the 2024 tax year. Your specific circumstances should be considered, so please reach out if you have any questions. Charitable Contributions There are a couple of ways to…

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2024 Key Financial Changes

By Chelsie Smith / January 17, 2024 / Comments Off on 2024 Key Financial Changes

Social Security recipients are getting a 3.2% increase in their 2024 benefits. The Medicare Part B premium is increasing from $164.90 to $174.70 per month. The annual exclusion for gifts increases to $18,000 from $17,000 per year per individual. The limitation on deferrals for 401(k), 403(b), and most 457 plans is increased to $23,000 for…

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2023 1099 Release Information

By Chelsie Smith / January 17, 2024 / Comments Off on 2023 1099 Release Information

Charles Schwab and TD Ameritrade Charles Schwab and TD Ameritrade will be releasing 1099s in waves beginning Mid-January. If you started 2023 with your accounts at TD Ameritrade and now have Charles Schwab accounts, you will most likely receive multiple 1099s. TD Ameritrade and Charles Schwab forms will be available through your Charles Schwab login.…

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taxes

2023 Year-End Tax Planning

By Chelsie Smith / November 13, 2023 / Comments Off on 2023 Year-End Tax Planning

The window for many tax-saving opportunities closes on December 31st. It’s important to evaluate your tax situation while there’s still time to affect your bottom line for the 2023 tax year. Your specific circumstances should be considered, so please reach out if you have any questions. Charitable Contributions There are a couple of ways to…

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When do I start my Required Minimum Distribution?

By Chelsie Smith / June 14, 2023 / Comments Off on When do I start my Required Minimum Distribution?

The Required Minimum Distribution (RMD) from an IRA or Employer-Sponsored retirement account began at age 70.5 for many years. It was then increased to age 72, then to age 73, and for some to age 75. So, the question remains for some; at what age will I start my Required Minimum Distribution? Below is a…

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