Starting in 2023, a personal or general business tax credit of up to $7,500 is available for the purchase of new clean vehicles meeting certain requirements (including electric, plug-in hybrid, and fuel cell vehicles). A credit of $3,750 is available if a critical minerals requirement is met, and a credit of $3,750 is available if a battery components requirement is met (for vehicles placed in...
In late May 2023, Congress sent a letter to U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel saying that it will introduce legislation to correct several technical errors in the SECURE Act 2.0. The letter, signed by Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), chair and ranking member of the Senate Finance Committee, respectively, and Representatives Jason Smith (R-MO)...
By: Henry VanBuskirk, CFP®, Wealth Manager One of the greatest and most time-consuming decisions that a person can make during their lifetime is choosing when and where to move to. For many seniors, this move is done right after they retire, which only heightens the importance of that decision. The goals of moving may be to be closer to family, to downsize, or you just simply liking the area...
By: Michael Allbee, CFP®, Senior Portfolio Manager Thanks to the Inflation Reduction Act, the Act provides near-immediate, tangible benefits American families by lowering costs for home energy, new vehicles, health coverage, and prescription drugs. We previously discussed some of the significant provisions in the Act but we wanted to elaborate on what the Inflation Reduction Act means for you...
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2022. If you had earned income last year, you may be able to contribute up to $6,000 for 2022 ($7,000 for those age 50 or older by December 31, 2022) up until your tax return due date, excluding extensions. For most people, that date is Tuesday, April 18, 2023. The IRS has postponed the deadline to...
The IRS has identified 21 states that made special payments to taxpayers in 2022. After a review of those special payments, the IRS has determined that taxpayers in many states will not need to report those payments on their 2022 federal income tax returns. Special payments in four of those states should be treated as refunds of state taxes paid, and taxation is determined under the general...
The federal income tax filing deadline for individuals is generally Tuesday, April 18, 2023. The IRS has postponed the deadline to file federal income tax returns and make tax payments for certain New York storm victims until May 15, 2023, and to July 31, 2023, for certain Mississippi storm victims. The deadline has been postponed for disaster-area taxpayers in most of California and parts of...
By: Henry VanBuskirk, CFP®, Wealth Manager Our team would like to provide an update on a recent blog post discussing tax relief and the tax filing deadline for certain counties in California. The individuals in counties originally discussed in that posting will have until May 15th, 2023, to file tax returns, but some counties are automatically extending that tax filing deadline to October...
The IRS announced that the starting date for when it would accept and process 2022 tax-year returns was Monday, January 23, 2023. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. The dates for furnishing such information to...
By: Henry VanBuskirk, CFP®, Wealth Manager Our thoughts go out to the victims of the recent California storms, and we hope that you and your family are safe. The IRS has declared the following counties to be within a federally declared disaster area and eligible for tax relief. Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa,...
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner As the final part of the series, we look at Employee Stock Purchase Plans (ESPP). Although these are not explicitly for executives, this is an important benefit that is not well understood and often underutilized. In case you missed Part 1 on Deferred Comp plans and Part 2 on Stock Options, read here and here, respectively. Employee Stock...
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner In the first part of this series, we reviewed deferred compensation plans. This week we are looking at stock options. Stock Options There are 3 basic forms of stock options that we will review today. We will look at them from most to least common: Restricted Stock Units (RSUs) Restricted Stock Units (RSUs) are the most common form of stock...
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner You’ve likely daydreamed about the future. A future where you spend the weekend relaxing in front of the lake, and your grandkids run while you open a bottle of fine wine. Reducing preoccupations and enjoying the small details in life come from hard work and dedication. Undeniably, money buys necessities and luxuries in life. Though somewhat...
You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to charitable giving, possibly as part of your year-end tax...
As we wrap up 2022, it’s important to take a closer look at any year-end investment decisions that could result in substantial tax savings. In terms of investment planning, investing in capital assets may increase your ability to time the recognition of some of your income and may help you to take advantage of tax rates that are lower than the ordinary income tax rates. You have the flexibility...
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