FINANCIaL
FIELd NOTES
Getting A 91% Charitable Tax Benefit In Virginia – Neighborhood Assistance Program
If you live in Virginia and are searching for charitable organizations to give to, you may want to consider the Neighborhood Assistance Program (NAP).
According to their website, “In return for [your] contributions...individuals may receive tax credits equal to 65 percent of the donation that may be applied against their state income tax liability.” That’s right - a 65% dollar-for-dollar credit on your Virginia taxes!
Tax Reporting for Venmo and Other Transaction Services
Last year the IRS began announcing changes to the tax reporting requirements for transactions on services like Venmo, Paypal, CASH, and others. Their concern was that businesses were not reporting the income that they received on these services.
They were planning to reduce the tax reporting threshold for 2022 goods and services received from $20,000/year to $600/year, which would dramatically increase the number of people subject to the reporting requirements…
The New 529 to Roth IRA Strategy Under SECURE Act 2.0
I recently wrote about some of the key changes under the new SECURE Act 2.0, which includes a provision to transfer unused 529 funds to a Roth IRA.
Beginning in 2024, some owners of a 529 will be able to make limited transfers tax-free to the beneficiary’s Roth IRA. There are many rules around who is eligible and how much of the funds can be transferred…
Secure Act 2.0 – Everything You Need To Know
On December 23rd, the massive $1.7 trillion spending bill was passed, and it included a retirement bill known as SECURE Act 2.0. At first glance, the SECURE Act 2.0 looks to have an equal or greater impact on current and future retirees. Let’s dive into the highlights…
Most-Read Blog Posts From 2022
As the year comes to a close, I wanted to reshare a few of my most-read blog posts from this past year in case you missed them. Thank you all for your engagement over this year – see you in the new year!
End-of-Year Tax Prep Checklist
With the year coming to a close, below are 23 year-end planning tax items that I review for my clients.
Reviewed maxing out 401(k) or employer-sponsored plan.
Reviewed next year's 401(k) contribution limits and adjust withholdings in January.
Contributed to IRA or…