News to Note Archives | CPA Advisory Group

9 ways retirement will be different in 2025

Dec 26, 2024 | News to Note

How changes in Social Security, Medicare, 401(k) contributions and more will affect your finances. From AARP — By Andy Markowitz — Retirement is not static. Even when the kids are gone and the career is done, your lifestyle and expectations are constantly...

IRS releases tax inflation adjustments for tax year 2025

Dec 11, 2024 | News to Note

For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024. From the IRS — WASHINGTON — The Internal Revenue Service recently announced the annual inflation adjustments for tax year 2025. Revenue Procedure...

Paid through Venmo, CashApp, or PayPal in 2024? The IRS will know

Dec 4, 2024 | News to Note

If you receive work income through Venmo or a similar payment platform, new IRS regulations enforce reporting it. From ZD Net — By Artie Beaty — Payment platforms like Venmo and CashApp have become the easiest way to send money to someone over the past few years, but...

This ‘bucket strategy’ could lower your taxes in retirement — here’s how to maximize it

Nov 27, 2024 | News to Note

From CNBC — By Kate Dore — Many retirees don’t think about taxes until it’s time to withdraw funds from a pretax account, which can be a costly mistake, financial experts say. Only 3 in 10 Americans have a plan to reduce taxes on retirement savings, according to a...

IRS ruling on one company’s 401(k) match may change the way Americans apply contributions

Nov 20, 2024 | News to Note

But is it a good idea to pay off debt — or just an easy way to drain savings? From Moneywise — By Christy Bieber — What if you had the flexibility to choose how to use your 401(k) match? One company has just started allowing it. The Internal Revenue Service (IRS)...

Reminder: The clock is ticking on mandatory BOI Reports

Nov 13, 2024 | News to Note

The CPA Advisory Group can file for you A reminder for our clients, especially our small business owners: The clock is ticking for U.S. companies to file the new Beneficial Ownership Information Report with the federal government. It is anticipated that 32.6 million...

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9 ways retirement will be different in 2025

IRS releases tax inflation adjustments for tax year 2025

Paid through Venmo, CashApp, or PayPal in 2024? The IRS will know

This ‘bucket strategy’ could lower your taxes in retirement — here’s how to maximize it

IRS ruling on one company’s 401(k) match may change the way Americans apply contributions

Reminder: The clock is ticking on mandatory BOI Reports

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