IRA Archives - Page 2 of 2 - Milliken, Perkins & Brunelle

Answers to your questions about 2023 limits on individual taxes

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February 8, 2023 Kevin Brunelle 2023 taxes, 401k, IRA

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

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January 17, 2023 Kevin Brunelle American Opportunity Tax Credit (AOTC), Form 1098-T, gift tax, IRA

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.

There still may be time to cut your tax bill with an IRA

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March 1, 2022 Kevin Brunelle IRA, Roth IRA, SEP, Traditional IRA

IRA annual contribution

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax savings on your 2021 return.