Answers to your questions about 2023 limits on individual taxes

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Answers to your questions about 2023 limits on individual taxes

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February 8, 2023 , ,

2023 taxes

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension).

However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2023. Due to inflation, many amounts have been raised more than in past years. Below are some Q&As about tax limits for this year.
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Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

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January 31, 2023 , , ,

retirement plan withdrawal

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax.

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Why you might want to file early and answers to other tax season questions

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January 24, 2023 , ,

tax filing early

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is you can potentially protect yourself from tax identity theft.

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Tax-saving ways to help pay for college — once your child starts attending

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January 17, 2023 , , ,

college tax breaks

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary school.

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Tax-wise ways to save for college

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January 11, 2023 , ,

college costs

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you.

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Renting to a relative? Watch out for tax traps

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December 27, 2022

relative-rent

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences.

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Save for retirement by getting the most out of your 401(k) plan

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December 20, 2022 ,

401k

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg.

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Selling stock by year-end? Watch out for the wash sale rule

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December 13, 2022

wash sale rule

If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule.

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Answers to your questions about taking withdrawals from IRAs

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December 6, 2022 ,

RMD distribution

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72.
The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions.

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