Managing Your Charitable Donations

In addition to the personal tax deductions allowed to be claimed for medical expenses, mortgage interest, and state & local taxes paid in a year, taxpayers are allowed to claim a tax deduction for donations to charitable organizations and qualifying tax-exempt...

Foreign Account Reporting Reminder

Below is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous. If you inherit or receive a gift from a foreign person of more than $100k: Complete a Form 3520 (About Form 3520, Annual...

Social Security Max Increases to $168,600 for 2024

Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2024, the maximum wage base jumps to $168,600, an increase of $8,400, or 5.2%, over the max of $160,200 that was in place for 2023. At a rate of 6.2%, the maximum Social...

Did You Overfund Your Retirement for 2023?

For 2023, the allowed max salary deferral for a 403b or 401k plan is $22,500 (or $30,000 if age 50 by the end of the year).  If you have already funded an amount to an employer sponsored retirement plan via salary deferral, then you will be limited in your allowed...

Get a Jump on Year-End Planning

Heading into the last quarter of 2023, October is the perfect time of year to review your year-to-date paystubs in order to maximize pre-tax benefits and other withholding items.  Examining your year-to-date paystub early in the final quarter of the year gives you a...