Category: Tax Planning
Tax Year 2023:Passive Income that are not taxable.
There are numerous ways to generate passive income, but unfortunately, the vast majority of them…
Tax Year 2023: Do I Have to File a Tax Return if I Receive Social Security? Here’s What to Know.
Introduction Especially if you’re receiving Social Security income, navigating taxes can be a complicated and…
What employees need to know about income tax withholding.
Tax Tip 2023-82 (Source: IRS) Whether someone is entering the workforce for the first time…
Maximizing Your Savings: The Benefits of Pre-Tax Contributions.
What is Pre-Tax Contribution? The term “pre-tax contributions” refers to the portion of an employee’s…
Short Term Rental, Tax Planning and Taxation.
Introduction Properties available for short-term rental (STR) are an excellent investment option for high incomes.…
IRS announces 2024 HSA, HDHP limits
As high inflation persists, taxpayers will have more disposable income to contribute to their HSAs…
How can you use HSA for your retirement?
Overview Despite the fact that millions of Americans have HSAs or could qualify for one…
After a disaster, affected taxpayers may qualify for tax relief
Issue Number: Tax Tip 2023-67 Tax relief is available for people living in areas that…
Installing solar panels or making other home improvements may qualify taxpayers for home energy credits.
Issue Number: Tax Tip 2023-68 Homeowners who make improvements like replacing old doors and windows,…
529 Plan, Federal and State Income Tax Benefits
A 529 plan is a type of tax-advantaged savings account for higher education costs. K-12…