Student Loan Repayment Program Update

For taxpayers and borrowers making student loan payments, they should check out the Saving on a Valuable Education (SAVE) Plan that partially went into effect this past summer.  The SAVE Plan replaces the Revised Pay As You Earn (REPAYE) Plan.  Additional SAVE Plan...

Stay Safe Shopping Online This Holiday Season

Shoppers need to remain on the alert for internet predators and scam artists while working on their holiday shopping list this time of year.  As a helpful guide, the IRS has posted the following tips on their website to help protect shoppers doing their on-line...

Ten Tips to Cut Your 2023 Taxes

As the year winds down, now is the time to take steps to cut your 2023 tax bill while being mindful to not defer so much taxable income that you push yourself into the next tax bracket in 2024. Prior to December 31st: Increase your 401(k) and 403(b) contributions if...

I-Bonds Interest Rates Adjusted to 5.27%

We first wrote about I-Bonds in an article included with our November Newsletter available at: Earn A Guaranteed And Risk-Free 7.12% Interest Rate Through April While Making Your Portfolio A Little More Conservative By Purchasing I-Bonds I-bonds are a great place to...

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...