Trusts: Types, Purposes and Benefits
A trust allows you to be specific about how, when and to whom your assets are distributed. Trusts can be arranged for a variety of different goals: to reduce estate taxes, to transfer property and to preserve assets for minors or a charity. Trusts offer more flexibility than a will to control your assets. You […]
IRS Announces HSA Limits for 2024
In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts: The HSA catchup contribution limit for those age 55 and older is set by statute at $1,000 and remains unchanged. What’s behind the changes The Society for Human Resource Management noted that the annual contribution limits are […]
What To Know About the Plug-In Electric Drive Vehicle Credit
In August, the IRS posted new guidance for current and future owners of electric vehicles, outlining the tax benefits available. If you are interested in claiming the tax credit available under section 30D (EV credit) for purchasing a new electric vehicle after Aug. 16, 2022 (which is the date that the Inflation Reduction Act of 2022 was […]
Annual Tax Adjustments for 2023
The Internal Revenue Service has released the tax year 2023 annual inflation adjustments for dozens of tax provisions, including the tax rate schedules and other tax changes. Here are some of the key changes. Standard deduction The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, which is up $1,800 […]
401(k) and IRA Limits Rise for 2023
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. Also increasing is the catch-up contribution limit for employees aged 50 and over who participate in […]
What To Expect From Your 401(k) Audit
What To Expect From Your 401(k) Audit If you offer a 401(k) plan to your employees, the first thing you must figure out is whether it needs an independent audit. If you have 100 or more eligible employees at the start of the plan year, you need an audit. The essential word is “eligible.” So […]
