Decoding the Difference: Tax Planning vs. Advisory
How are these two functions different and how do you clarify them to ensure you're maximizing your planning and returns? Read More
How to Get the Most Tax Benefits from a Roth IRA
Under the “ordering rules” established under IRS regulations, most of the payout of a nonqualified Roth distribution may be tax-free anyway—maybe even all of it. Read More
Should You Elect to Forgo Preferential Tax Treatment on Capital Gains and Dividends?
Depending on your situation, you might elect to forgo preferential tax treatment on certain long-term capital gains and qualified dividends in favor of deducting investment interest expenses. Read More
5 Ways to Gift Yourself Tax Savings This Holiday Season
The Illinois CPA Society offers five money moves to make before the end of the year to create some tax-time savings now and in the year ahead. Read More
Feel Good and Cut Taxes By Using These Five Charitable Giving Strategies
These tips can help you spread the love even more to charities you trust while also taking advantage of different kinds of tax benefits. Read More
Tax Considerations for High-Net-Worth Individuals in 2023
Those who are not ready for this potentially seismic shift should speak to their advisors as soon as possible in order to take advantage of planning opportunities. Read More
IRS Offering Taxpayers Special Tax Credit in 2024
Individuals making less than $36,500 annually can save up to $1,000 in taxes if they contribute toward their retirement. Read More
IRS Delays Imposing $600 Threshold for Reporting Income From Apps
The IRS has relented to pressure and decided to delay imposing the new $600 reporting threshold for income from 3rd party apps like PayPal and Venmo. Read More
IRS Announces Interest Rates for Underpayment of Taxes for Q1 2024
Discover the interest rates announced by the IRS for the first quarter of 2024, including rates for overpayments and underpayments of taxes, and learn about the process of claiming the recovery rebate credit for uncollected stimulus payments issued in 2020 and 2021. Read More
IRS Increases Gift and Estate Tax Exempt Limits — Here’s How Much You Can Give Without Paying
Discover the increased gift and estate tax exempt limits set by the IRS, allowing Americans to give more without incurring taxes, including an increase in the annual gift tax exclusion to $18,000 and a lifetime gift tax exemption of $13.61 million in 2024, providing an opportunity to reduce taxes and enhance the lives of loved ones. Read More
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