New deduction: Effective for 2025 through 2028, individuals who are age 65 and oldermay claim an additional deduction of $6,000. This new deduction is in addition to thecurrent additional standard deduction for seniors under existing law. The $6,000 senior deduction is per eligible individual (or $12,000 total for a married couple where both spouses qualify). Deduction…
We too often see, especially the elderly, being scammed or taken advantage of. This blog is to provide some tips to look out for and hopefully prevent you or a loved one from possibly losing money or giving their personal information to a stranger whom you think is there to help you. Things to watch…
This bipartisan proposal aims to offer a tax credit of up to $5,000 for family caregiverswho incur long-term care expenses. Key details include: Credit Amount: 30% of qualified expenses exceeding $2,000, with a maximum credit of $5,000. Eligibility: Caregivers must have an income greater than $7,500 and provide care for a spouse or dependent relative…
President Donald Trump’s 2025 tax proposal, often referred to as the “mega tax bill,”represents a comprehensive overhaul of the U.S. tax system. This ambitious plan,currently advancing through Congress, aims to reduce federal revenue by an estimated$5 to $11 trillion over the next decade, potentially increasing the national debt to nearly150% of GDP by 2035 if…
Truck Driver Per diem: $69 per day in the US Standard mileage rate 2024: = .67 cents Standard Deductions for 2024: Single or MFS = $14,600 MJF or QSS = $29,200 HOH = $21,900 IRA contribution limit for 2024: = $7,000 – ** If age 50 or older allowed an extra $1,000 Child Tax Credit:…
Set aside time to plan- did your financial or family situation change this year? Had a baby, divorced, started a new job, retired, started a business or side gig? These are just a few examples of things that may have changed, and you may need someone to review your situation with you. Defer income to…
According to the IRS, taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. If an individual taxpayer owes taxes but cannot pay in full by the extension deadline of Oct 15th, they should still file their tax return. People who owe tax and do not file…
The deadline for tax extensions is quickly approaching! This year’s deadline is October 15, 2024. An extension gives you extra time to file your taxes, but not extra time to pay. Sometimes time escapes you and suddenly you have several years’ worth of taxes to file. While it certainly feels overwhelming, there are some action…
Changes to the Kiddie Tax For a child wage earner under age 19, the first $1,300 of any unearned income is tax free in 2024. According to the IRS, “unearned income” includes investment-type income such as taxable interest, ordinary dividends, and capital gain distributions. The next $1,300 is taxed at the child’s rate. Any unearned…
If you don’t have a retirement plan through your employer, then you can open either a traditional or Roth IRA to plan for your retirement. The traditional IRA gives you a tax deduction by reducing your taxable income, but retirement money is taxable when you withdraw from it later. The Roth IRA is not deductible,…