New Gift Tax Guidelines for 2023

New Gift Tax Guidelines for 2023

The annual gift reporting threshold  has increased to $17,000 per recipient in 2023.  This means that married taxpayers who elect to gift-split can make gifts of up to $34,000 per recipient annually without generating a taxable gift.     We want to point out that the...
2022 Year-End Tax Planning for Individuals

2022 Year-End Tax Planning for Individuals

There is still time to do some 2022 year-end planning! Once the year is over, we will be unable to proactively assist with your 2022 tax situation; so please reach out to us if you’ve experienced any major life events this year. Major life events could include:...
Boost Your Retirement Savings In 2023

Boost Your Retirement Savings In 2023

The IRS recently announced cost-of-living adjustments to pension and retirement fund contributions beginning in 2023. Contribution limits for 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will rise to $22,500 from $20,500. The...