Your financial professional can help leverage these changes to impact your tax liabilities   It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025. The Internal Revenue Service has elevated the thresholds for its seven tax brackets by 5.4% in 2024. This adjustment implies that a single person can now earn up to $609,350 before facing taxation at ...

When you think of identity theft, you may think of unauthorized credit card payments or new lines of credit. However, tax identity theft is one of the most common types of identity theft — and it’s also the most common fraud attempt during tax filing season.1 If your identity is stolen for tax purposes, you can find yourself waging battle on two fronts: against the identity thief and the IRS. Fortunately, protecting your tax identity doesn’t have to be difficult. Below, we explain a couple of ways you can theft-proof your ID. Identity Protection PIN The IRS can issue an ...

A David Letterman-inspired Top 10 List from your financial professional   Make Your Year Matter Well, if you’re like me, you will be thankful to make it through another holiday season, with at least most of your sanity left. For me, the holiday season started well before Thanksgiving and doesn’t really end until about the 5th of January, so it’s a long period of time. But as I see friends I know at the grocery store or at the gas station, the question I’ve heard the most in the past few weeks is, “what are your New Year’s resolutions?” Usually ...

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to minimize your tax bill from the IRS. Social Security Benefits Depending upon your total income and marital status, a portion of your Social Security benefits may be taxable. For a rough estimate of your potential tax liability, add half of ...