Final Due Date for Taxes Filing with Extensions Oct. 15 — If you filed Form 4868 extending the due date of your return, this is the last day to file your tax return and pay any tax, interest, or penalties due. It’s also the last day for making many elections the[…]
Read More »Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022. 22 cents per[…]
Read More »401(k), 403(b), Governmental 457(b) plan contribution limits Employee maximum deferral contributions $22,500; Catch-up contribution (if age 50 or older) $7,500 Combined limit for designated Roth account and pretax 401(k), or 403(b) deferral contributions is $22,500 for those younger than 50 and $30,000 for those 50 and older within a particular[…]
Read More »There are a few things to keep in mind for retirement planning at year-end. RMDs, which begin at age 73 (except for Roth IRAs), are one consideration. There is a complex set of rules around when distributions from inherited IRAs must be taken out, so beneficiaries should work with their[…]
Read More »This is a popular time of year for many of our clients to make gifts. Each U.S. citizen has a lifetime exemption they can use to shelter transfers from estate and gift tax (both of which are 40%). The exemption, which is adjusted for inflation each year, is $12.92 million[…]
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