2025 is coming to a close and the last individual 4th quarter estimated tax payments are due January 15, 2026. The last Virginia Pass Through Entity Tax (PTET) 4th quarter estimated tax payment is due December 15, 2025. For the upcoming tax season (April 15, 2026) we will be sending out our engagement letters in […]
Get Ready for the New 1099-DA Cryptocurrency Reporting Requirements
Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages.
Pension Catch-up Contributions
Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages.
Make Sure Your Tax Filings Are Mailed on Time
This January, the Social Security Fairness Act (SSFA) was signed into law, repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These repealed provisions had previously reduced Social Security benefits for some public-sector…
How to Benefit From Qualified Charitable Distributions (QCDs)
Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages.
Not Itemizing? Other Deductions for Tax Savings
In the complex world of tax deductions, understanding the distinctions between above-the-line deductions, below-the-line deductions, and standard and itemized deductions is crucial for effective tax planning. Each category serves a distinct purpose within the tax code, impacting how taxable income is calculated and influencing the overall tax liability of individuals.