Some of these items may surprise you. Tip Category: Your Income There are a number of areas in the tax code that cause confusion as to the taxability of money received. Here are some of the most common areas of confusion. Unemployment compensation. Unemployment compensation is typically required to be reported as taxable income. So you …
Tag: financial-planning
Elections. Elections. Elections.
Tax savings can be found in the elections you make! Tip Category: Deductions Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax filing status. Typically, filing a joint …
Hike in Social Security Benefits Announced for 2025
2025 Cost-of-Living Adjustment (COLA) changes Tip Category: Retirement The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025, another rate drop versus last year's increase of 3.2%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending …
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Estate Taxes: What EVERYONE Should Know
Tip Category: Planning Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The most recent change is scheduled to take place after 2025. The best …
Five Big Tax Mistakes
Don't let them happen to you! Tip Category: Planning Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax …
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