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Individual Tax Articles

 

Tax Implications of Renting Your Vacation Property

Tax Implications of Renting Your Vacation Property

Posted by Angela Miles on March 19, 2024

For tax purposes, the key factors are how many days you lease the property and the amount of income that you have to report for taxes, regardless of whether you rent to relatives or nonrelatives.

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Maximizing Unused 529 Plan Funds: The 529-to-Roth IRA Transfer Option

Maximizing Unused 529 Plan Funds: The 529-to-Roth IRA Transfer Option

Posted by Bradley Bach on February 27, 2024

Effective in January 2024, you can move funds that are not used in a 529 plan to a Roth IRA for the same beneficiary, with no tax or penalties.

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Claiming Charitable Donations for 2023 Tax Year

Claiming Charitable Donations for 2023 Tax Year

Posted by Isabella Newman on January 30, 2024

If you donated to charity last year, you may be eligible for a tax deduction if you itemize deductions on your tax return. For donations of $250 or more, you need a written acknowledgment from the charity.

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Tax Reasons to Refuse an Inheritance

Tax Reasons to Refuse an Inheritance

Posted by D’Marie Murray on January 25, 2024

At first glance an inheritance may be considered a windfall, but the tax aspects should be considered before accepting.

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How the “Nanny Tax” Applies to Household Workers

How the “Nanny Tax” Applies to Household Workers

Posted by Kelsey Weigel on December 12, 2023

The nanny tax applies to more than childcare in your home, it includes all household workers.

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2023 Year-End Tax Planning Guide for Individuals

2023 Year-End Tax Planning Guide for Individuals

Posted by Mark Janulewicz on December 07, 2023

With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family offices to review their 2023 and 2024 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. 

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Year-End Strategies to Decrease Tax Liability for Individuals

Year-End Strategies to Decrease Tax Liability for Individuals

Posted by Amanda Wojtkowski on December 05, 2023

These easy and quick strategies can reduce your tax liability before the end of the year.

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Individuals: 2024 Inflation-Adjusted Tax Amounts

Individuals: 2024 Inflation-Adjusted Tax Amounts

Posted by Amanda Mooney on November 21, 2023

The IRS has announced inflation-adjusted federal tax amounts for individuals.

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Early IRA Withdrawal Penalty Exceptions

Early IRA Withdrawal Penalty Exceptions

Posted by Cheryl A. Jankowski on November 14, 2023

From the early withdrawal penalties to an increased federal tax bracket, consider these exceptions to avoid additional taxes.

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2024 SECURE Act Provisions for Financial Emergencies

2024 SECURE Act Provisions for Financial Emergencies

Posted by Cheryl A. Jankowski on October 25, 2023

Should you experience a financial emergency, beginning in 2024 as part of the SECURE 2.0 Act, you can now make tax free withdrawals if you meet specific criteria.  

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