Individual Tax Articles
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.
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.
Tax Reasons to Refuse an Inheritance
Posted by D’Marie Kleeman on January 25, 2024
At first glance an inheritance may be considered a windfall, but the tax aspects should be considered before accepting.
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.
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.
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.
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.
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.
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.
Tax-Free Treatment of Academic Scholarships
Posted by Angela Miles on October 17, 2023
Scholarships are tax-free, but you need to comply with certain conditions and understand what can be paid with the scholarship funds.