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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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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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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Strategies for investors to cut taxes as year-end approaches

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November 29, 2022 , , ,

year-end investor taxes

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments.

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Year-end giving to charity or loved ones

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November 22, 2022

tax smart gifts

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions.

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How savings bonds are taxed

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November 15, 2022 ,

savings bond tax

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences?

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