Dec 2, 2025 | Personal Financial Planning, Tax News
The Internal Revenue Service has issued a release explaining changes in retirement plan limits for 2026. Below is a summary of this release. The provisions can be complex, so current and prospective plan participants should work with a financial professional....
Nov 20, 2025 | Personal Financial Planning, Tax News
Whether you have a simple or complicated tax situation, it’s worth knowing what tax benefits the IRS provides to members of the military, veterans and their families. These include the following: Combat pay is partially or fully tax free. Service members serving...
Oct 28, 2025 | Estate Planning, Personal Financial Planning, Tax News
The OBBBA includes several provisions that affect how individuals can deduct charitable contributions on their federal income tax returns. These changes influence both annual tax filings and estate planning decisions. Perhaps the most significant update is that the...
Oct 21, 2025 | Business Planning, Estate Planning, Personal Financial Planning
Revenue Ruling 2023-2, issued in March 2023, made a major change to how assets in irrevocable trusts are treated. The rule states those assets in an irrevocable trust that are not included in the grantor’s taxable estate cannot receive a step-up in basis. This...
Oct 7, 2025 | Personal Financial Planning, Tax News
The One Big Beautiful Bill Act, signed in July, creates a special tax break for Americans age 65 and older. It provides a deduction worth up to $6,000 a year in tax years 2025 through 2028. To claim it, you must: Turn 65 or older by the end of the tax year. File a...
Oct 2, 2025 | Personal Financial Planning, Tax News
There may be circumstances under which you would want to move assets from a traditional IRA to a Roth IRA. A Roth IRA conversion can be made even if your current income makes you ineligible for direct contributions to a Roth IRA. Roth IRAs are attractive because they...
