Most U.S. taxpayers “completely agree” (68%) or “mostly agree” (26%) that paying their fair share of taxes is a civic duty.1 However, no one wants to pay more than his or her fair share. To help avoid doing so, consider addressing some important priorities before you begin filling out your tax forms.
Here are some steps that might help reduce stress when preparing your return. Continue reading “Plan Ahead to Help Ease the Burden of Tax Season”
Here are your 2022 Key Tax reference numbers, at a glance.
We are attaching three Key Numbers pieces that are newly updated for 2022. Continue reading “Key Numbers for 2022”
The rules for required minimum distributions (RMD) can be challenging to navigate. New regulations that update the life expectancy tables to be used add another layer of complexity. The switch to those new tables can be simple for some taxpayers and more complex for others. CPAs are in a unique position to help those taxpayers take advantage of the new final regulations Continue reading “Updated RMD tables for 2022!”
Retirement savers have some reasons to celebrate in 2022.
Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase, including how much you can contribute to a work-based retirement plan and the phaseout thresholds for IRA deductibility and Roth contributions. Continue reading “Retirement Plan Limits on the Rise in 2022”
The Social Security Administration (SSA) provides personalized Social Security Statements to help Americans age 18 and older better understand the benefits that Social Security offers. Your Statement contains a detailed record of your earnings and estimates of retirement, disability, and survivor benefits — information that can help you plan for your financial future.
You can view your Social Security Statement online at any time by creating a my Social Security account at the SSA’s website, ssa.gov/myaccount. If you’re not registered for an online account and are not yet receiving benefits, you’ll receive a Statement in the mail every year, starting at age 60. Continue reading “Your Social Security Statement: What’s in It for You?”