Blog Tax Planning

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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taxes

Reminder as you Prepare your 2022 Taxes

By Chelsie Smith / February 15, 2023 / Comments Off on Reminder as you Prepare your 2022 Taxes

As you or your tax preparer start to work on your 2022 taxes, there are a few things we wanted to remind you. 1099s – TD Ameritrade is releasing 1099s in waves. The most recent wave of 1099s was released on February 10th and the final wave will be released on February 24th. There may…

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Capital Gains tax

2022 1099 Release Information

By Chelsie Smith / January 13, 2023 / Comments Off on 2022 1099 Release Information

TD Ameritrade is releasing 1099s in waves: The first wave will be released on January 20, 2023 The second wave will be released on February 3, 2023 The third wave will be released on February 10, 2023 The fourth wave will be released on February 24, 2023 You can find your tax documents on your…

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2023 Key Financial Data

By Chelsie Smith / January 13, 2023 / Comments Off on 2023 Key Financial Data

Follow this link to download the most recent copy of 2023 Key Financial Data.   If you have any questions about the new rules or limits, feel free to schedule with an advisor.

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The 4 Changes from SECURE Act 2.0 You Should Know for 2023

By Chelsie Smith / January 13, 2023 / Comments Off on The 4 Changes from SECURE Act 2.0 You Should Know for 2023

SECURE Act 2.0 was signed into law at the end of 2022 as a follow up bill to the original SECURE Act that was signed into law in 2019. SECURE 2.0 targets several retirement provisions that go into effect over the next 10 years. We will focus on the changes for this year and continue…

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