Tax Extensions Granted to Hurricane Idalia Victims Presented by Marc Aarons   I wanted to reach out to ensure you saw the Internal Revenue Service’s recent announcement for Floridians impacted by Hurricane Idalia.   On August 30, 2023, the IRS announced a tax extension for those impacted by Hurricane Idalia. Florida residents in these Florida […]

How to Make the Tax Code Work for You Presented by Marc Aarons By May 20, 2022, over 145 million taxpayers had dutifully filed their federal income tax returns. And they all made decisions about deductions and credits – whether or not they realized it.1 When you take the time to learn more about how […]

Is it time to contribute more?  Provided by Marc Aarons  Preparing for retirement just got a little more financial wiggle room. This week, the Internal Revenue Service (IRS) announced new contribution limits for 2022. Staying put for 2022 are traditional Individual Retirement Accounts (IRAs), with the limit remaining at $6,000. The catch-up contribution for traditional […]

Life expectancy table updated for the first time since 2002. Provided by Marc Aarons If you are retired and have reached your seventies, you may have the opportunity to draw a little less income from your retirement savings accounts in 2022. Next year, the Internal Revenue Service plans to update the life expectancy tables used […]

What to know and dates to remember  Provided by Marc Aarons  Recently, the Internal Revenue Service (I.R.S.) announced that tax season will start a little later than usual. This year the I.R.S. will begin accepting and processing 2020 tax returns on Friday, February 12, 2021.1 In light of the December 27 tax law changes which […]

Here is what you need to know.  Provided by Marc Aarons Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. April 15, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts. Keep in mind that withdrawals from traditional, […]

A useful year-end move to counteract capital gains. Provided by Marc Aarons Even though this may end up being a subpar year for stocks, you may realize capital gains, which is a taxable event. What can you do about them? You can do what some investors do – you could recognize investments with a loss […]

The I.R.S. is giving you three additional months to file and pay. Provided by Marc Aarons The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to […]

What the I.R.S. looks for and why. Provided by Marc Aarons at Money Mangers, Inc.  “Audit” is a word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. In 2017, the most recent statistics available, show the I.R.S. audited 0.5% of all individual […]