IRS Direct File: Find Out Which States Are Not Included
Today, I’m excited to share some fantastic news about the IRS’s new Direct File system. This program, now a permanent fixture, is a game-changer for taxpayers with an adjusted gross income (AGI) under $200,000. It allows you to file your taxes directly with the IRS, and guess what? It’s completely free! Last year, the pilot […]
Income Tax Alert: Biden’s Plan to Double Capital Gains Tax
President Biden’s latest budget proposal for fiscal year 2025 is making big waves. At a whopping $7.3 trillion, his plan not only targets wealthy individuals with a new minimum tax on billionaires and a nearly doubled capital gains tax rate but also looks to raise the Medicare tax rate. If that’s not enough, the budget […]
Trump’s No Tax on Tips Plan: A Game Changer for Service Industry Workers?
The past few months have been a whirlwind in the political space. With President Trump surviving an assassination attempt, Joe Biden dropping out of the presidential race, and Kamala Harris emerging as the Democratic Party’s candidate, the 2024 election cycle has been nothing short of dramatic. Amid all the political manoeuvres, the candidates have been […]
IRS Free File Service: Essential Resources Tools for Extension Filers Before October Deadline
As we inch closer to the October deadline, I know many of you are feeling the pressure to get your taxes filed on time. The good news? The IRS Free File service is still available for those who need a little extra help. This year, with the 2024 updates, the service has become even more […]
The Impact of Taxing Unrealized Gains: Why It’s a Bad Idea
Hi folks, Today we are going to explore a topic that’s been buzzing around the financial world lately – taxing unrealized gains. You might have heard President Joe Biden’s announcement back in March about a plan to tax the unrealized gains of those with over $100 million in assets. In simpler terms, this means that […]
Income Types That the IRS Won’t Tax in 2024
We all know how frustrating it is to see a chunk of your hard-earned money go to the IRS. Generally, the government taxes wages, tips, commissions, royalties, and for some, up to 85% of Social Security benefits. But don’t worry, not all income is taxable. Whether income is taxable depends on various rules and regulations. […]
10 Ways Tax Professional Simplify Your Tax Filing Process
As a tax professional, I know firsthand how stressful tax season can be. It’s that time of year when everyone seems to be scrambling to gather documents, understand complicated forms, and make sure they’re doing everything right. But that’s where I come in. My job is to take that stress off your shoulders and make […]
2024 Tax Law Changes and Their Effects on Business Tax Planning
The economic environment has been incredibly unpredictable in recent years. The COVID-19 pandemic shook up traditional business practices but also opened new investment doors. Now, with persistent inflation and high interest rates, investment and tax planning strategies have become even more complex. The constantly shifting tax and regulatory landscape adds to the challenge. As a […]
State Tax Changes 2024 from 1 July 2024 – Everything You Need To Know
Summer has arrived, and many states are starting to roll out new tax policies that were passed earlier this year or are being phased in gradually. While most individual and corporate state tax changes kick in on January 1 for consistency, some key updates begin on July 1, aligning with the fiscal year start for […]
Can I convert my traditional IRA to a Roth IRA without penalty?
Converting a traditional IRA to a Roth IRA can be straightforward if you keep an eye on taxes. You can contribute to a traditional IRA at any age if you have earned income. But what if you’re 70½ or older? Can you still roll over money from a traditional IRA to a Roth IRA in […]