Tax Tip Tuesday

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Monday April 15, 2024, is the federal deadline for filing your 2023 individual income tax return. This is also the last day to request a six-month filing extension. An important thing to note is that this is only an extension to file, not an extension to pay. Any tax due…

April 9, 2024

Still Time to Make 2023 IRA and HSA Contributions

As we approach the filing deadline for 2023 individual tax returns, we want to remind you that there is still time to make contributions to your Individual Retirement Account (IRA) and Health Savings Account (HSA) for the 2023 tax year. The IRS allows contributions for a given year anytime between…

April 2, 2024

Gift Tax – How it Works and Who Pays

We often get questions from our clients about gifting and the potential tax implications. A gift of money or property is not deductible on your personal income tax return nor does the recipient report the gift as income on his or her tax return. However, gifts may be subject to…

March 26, 2024

Tax-Free Rollover from 529 to Roth IRA

One of the more exciting provisions of the SECURE 2.0 Act, signed into law December 2022, is the tax-free rollover from a 529 educational savings account into a Roth IRA. This provision became effective in 2024 and will help to reduce or eliminate the problem of having unused funds in…

March 12, 2024

Bonus Depreciation Update

Under current law, bonus depreciation is limited to 80% of the cost of eligible property placed into service in 2023. As of the date of this publication, there is pending legislation (The Tax Relief for American Families and Workers Act of 2024) which includes a provision that would retroactively change…

February 20, 2024

New Incentives to Trade in your Gas Guzzler

The Inflation Reduction Act of 2022 encourages taxpayers to consider switching from gas powered vehicles to electric vehicles by expanding the New Clean Vehicle Credit and introducing the Used Clean Vehicle Credit. Requirements of both credits include purchasing the vehicle from a dealer, using the vehicle primarily within the United…

February 13, 2024