News, Hints, and Tips

One of the worst things we can do as taxpayers is assume we know everything. There’s always more to learn, and as much as you might know about taxes, you may be missing out on key tax deductions just because you haven’t heard about them. Tax deductions to consider Believe it or not, there are […]

The biggest threats to your financial stability in retirement include unrealistic budgeting, inflation, health care costs and living longer than anticipated. The first threat is, in some ways, the easiest to control. Be honest with yourself about how much you can spend in retirement. Just as when you were starting out, you need to account […]

The IRS is calling taxpayers’ attention to the ominously named Coalition of Scam and Scheme Threats: “[A] coalition representing the Internal Revenue Service, state tax agencies and the spectrum of the nation’s tax industry today announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems.” CASST wants […]

What tax deductions, programs and housing allowances are available to you as a homeowner? Let’s explore a few options that the IRS makes available. If you have a mortgage, you may deduct the interest paid, within allowed limits. You can also deduct state and local real estate taxes (subject to a $10,000 limit). Interest paid […]

The IRS generally considers whether you’re married, separated but not legally separated, or divorced at the end of the year. Marriage status is important in filing taxes; it not only determines filing requirements but also standard deductions, eligibility for certain credits and taxes as well. In fact, you may have to deal with multiple government […]

All over the business world, accountants, lawyers, financial executives and journalists have been scrambling to keep up with the latest soap opera in the financial community: what’s happening with the Corporate Transparency Act and its ownership reporting rules. The key message: As of Dec. 26, the CTA’s BOI reporting requirements are suspended indefinitely. Affected businesses […]

At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged […]

If you live a long life, your chance of declining cognition gets worse. The statistics are stark: Among the over-65 cohort, 29% struggle to make wise and informed financial decisions. By that age, 11% are suffering from Alzheimer’s, while a further 15% have mild cognitive impairment, which may demand compensatory workarounds to preserve their independence. […]

The following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples filing […]

According to a recent Ameriprise Financial study, more than a quarter of couples believe that they will retire together. The reality is that only 11% actually retire together. The same study shows that some 62% of couples choose to stagger their retirement for good financial and personal reasons. The decision to retire is a personal […]