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...
by PSA CPA | Jan 1, 2025 |
If you and your significant other live together but aren’t married, you might share many expenses—and in some cases, one of you may be financially supporting the other. This might leave you wondering: can you claim your boyfriend or girlfriend as a dependent on your...
by PSA CPA | Jan 1, 2025 |
As of January 1, 2025, nine U.S. states are reducing individual income tax rates, bringing potential financial relief to millions of residents. According to the Tax Foundation, this wave of tax cuts reflects a nationwide push to lower taxes, a trend that began during...
by PSA CPA | Dec 1, 2024 |
The IRS has introduced significant changes for U.S. cryptocurrency investors. Starting January 1, 2025, crypto cost basis tracking will transition from the Universal method to the Per-Wallet method. This adjustment, detailed in Rev. Proc. 2024-28, will impact how...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…