Blog Tax Planning

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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UPDATE: Washington State Long Term Care Payroll Tax

By Chelsie Smith / June 14, 2023 / Comments Off on UPDATE: Washington State Long Term Care Payroll Tax

A new payroll tax set to begin in 2022 to help fund Long Term Care for Washington residents was delayed 18 months. The WA Cares Fund is intended to provide some Long-Term Care benefits to residents and is funded by a .58% payroll tax. It is now set to begin in July 2023. Exemptions Workers…

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taxes

Form 5498

By Chelsie Smith / April 14, 2023 / Comments Off on Form 5498

If you made a contribution to an individual retirement account (IRA) in 2022, you will receive a Form 5498 in May 2023. By this time, you have likely already filed your taxes and reported any IRA contributions. You should keep the Form 5498 with your tax records. It is a copy of the form from…

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