by PSA CPA | Mar 1, 2025 |
Investing is a great way to grow wealth, but it also comes with tax implications that every investor should understand. Whether you invest in stocks, bonds, mutual funds, or other assets, your earnings may be subject to taxes. This guide will help you navigate...
by PSA CPA | Mar 1, 2025 |
As tax season unfolds, early data from the IRS indicates that Americans are receiving significantly smaller tax refunds compared to last year. According to the latest update from the IRS, the average tax refund as of February 14, 2025, stood at $2,169—about 32% lower...
by PSA CPA | Feb 1, 2025 |
Itemized deductions can significantly reduce your taxable income, potentially lowering the amount of tax you owe. However, claiming these deductions requires careful tracking of eligible expenses and can be more complex than taking the standard deduction. This guide...
by PSA CPA | Feb 1, 2025 |
IRA Contribution Limits How Much Can You Contribute to an IRA? For 2023, the maximum contribution to an IRA is $6,500, or $7,500 if you’re age 50 or older. Contribution limits for 2019-2022 were $6,000 (or $7,000 if age 50 or older), while limits for 2015-2018...
by PSA CPA | Jan 1, 2025 |
Do you owe taxes when selling your home? Learn how to determine your taxable gain by adjusting your home’s cost basis, factoring in home improvements, and utilizing IRS-approved strategies to maximize your tax benefits. Profit on Home Sales Can Be Tax-Free Many...
by PSA CPA | Jan 1, 2025 |
The rising cost of senior care can create financial challenges for families. However, the tax code provides certain deductions and benefits that can help offset these expenses, though many remain underutilized. Understanding these overlooked opportunities can make a...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…