Posts Tagged ‘income’
Year-End Charitable Giving
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should…
Read More2025 Key Numbers for Health Savings Accounts
The IRS recently released the 2025 contribution limits for health savings accounts (HSAs), as well as the 2025 minimum deductible and maximum out-of-pocket amounts for high deductible health plans (HDHPs). What is an HSA? An HSA is a tax-advantaged account that enables you to save money to cover health-care and medical costs that your insurance…
Read More2024 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2025, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a…
Read MoreAfter a Massive Breach, Is Your Data in Danger?
National Public Data, a consumer data broker, confirmed last week that a hacker had targeted the company in December 2023, “with potential leaks of certain data in April 2024 and summer 2024.”Other reports indicate that this leaked data had been found on the dark web and could include the names, addresses, phone numbers, and Social…
Read MoreRetirement Strategy: How Much Should I Save?
“Will I outlive my retirement money?” This is one of the top fears for people who are starting to prepare for their retirement years. Determining how much money you need in retirement is a process. It shouldn’t be a number that you pull out of thin air. The process should include looking at your current…
Read MoreWhat Is My Tax Bracket for the 2022 Tax Year?
It’s never too early to start looking at your tax obligations for the coming tax season. The information in this article is for the 2022 tax year, which most taxpayers will file in 2023. The seven 2022 tax rates themselves didn’t change (they are the same as those in effect for the 2021 tax year);…
Read MoreRMD Roundup: A Few Key Updates About Required Minimum Distributions
As we approach the end of 2021, now might be a good time to take a closer look at a few developments surrounding required minimum distributions (RMDs). What Are RMDs? Once you reach age 72, you are required to take minimum distributions from your traditional IRAs and most employer-sponsored retirement plans. (RMDs are not required…
Read MoreFAFSA for 2022-2023 School Year Opens on October 1
October is the kickoff season for financial aid. That’s when incoming and returning college students can start filing the Free Application for Federal Student Aid, or FAFSA, for the next academic year. The FAFSA is a prerequisite for federal student loans, grants, and work-study, and may be required by colleges before they distribute their own…
Read More5 Ways a Financial Advisor Can Bring Value to Your Post-COVID Life
The events of last year may have taken a toll on your financial situation. For those who had a financial advisor during that time, they were guided through all the ups and downs of the market and their personal financial lives. If you are getting back into the swing of things, a financial advisor could…
Read MoreMid-Year Is a Good Time for a Financial Checkup
The first half of 2021 is behind us. As life emerges from the pandemic to a “new normal,” a mid-year financial checkup may be more important than ever this year. Here are some ways to make sure that your financial situation is continuing on the right path. Reassess your financial goals At the beginning of…
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