Retirement Planning: A Map to Changes in 2024

Navigating these demands an adaptable approach to financial planning As we kick off 2024, the world of retirement planning is undergoing a fairly significant transformation, as tax brackets, retirement contribution limits, estate and gift tax exemptions, among other things, are set to undergo upward revisions. Additionally, the gradual introduction of Secure 2.0, a pivotal retirement…

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A Last-Minute Tax Guide for Procrastinators

This last-minute tax guide will provide you with the essential steps to navigate the process, even if you’re running against the clock. Gather Your Documents Before you begin the filing process, gather all the necessary documents. These may include: W-2 forms from your employers 1099 forms for any contract work, interest, or dividends 1098 forms…

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How to Lower Your Tax Bill With the Charitable-Donation Deduction: Getting a tax break for contributions to charity often requires careful planning

Are fewer taxpayers deducting charitable contributions than in the past? Yes. The 2017 tax overhaul dramatically reduced the number of filers deducting charitable donations. While it didn’t limit them outright, it expanded the standard deduction so that far fewer taxpayers itemize these deductions on Schedule A. The number of taxpayers itemizing charitable donations dropped to…

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Tax Benefits of Qualified Small Business Stock: A valuable opportunity for founders and investors, but legislation looms

For founders and investors in start-ups, qualified small business stock (QSBS) offers a significant tax advantage that can be likened to a generous gift from the IRS. This tax provision allows shareholders to potentially realize substantial tax-free gains, providing a compelling incentive to invest in qualifying small businesses. However, it is important to understand the…

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Little Known Tax Credits for Business Owners: Nurturing a community, fostering growth and making a positive impact

As a small business owner, your employees are the heart and soul of your organization. Many entrepreneurs understand the importance of a diverse, inclusive workforce and the benefits it brings, not just to the business, but to the community at large. Your commitment to hiring practices that uplift veterans, marginalized communities, and those facing barriers…

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What the 2023-24 Tax Brackets and Income-Tax Rates Mean for Your Money: A guide to understanding your federal income-tax rate

Your tax bill is largely determined by tax brackets. These are really just ranges of taxable income. As your taxable income moves up this ladder, each layer gets taxed at progressively higher rates. How do tax brackets work? A single person with $140,000 in taxable income in 2024 would be in the 24% tax bracket.…

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Tips to Navigate Tax Filing Season and the IRS: Be proactive and follow these steps to ensure accuracy and compliance

Tax filing season can be a stressful time for many individuals. Dealing with the IRS and ensuring compliance with tax regulations can seem daunting. However, with proper preparation and a proactive approach, you can navigate the tax filing season with confidence. Here are a few valuable tips to help you effectively deal with the IRS…

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