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Maximizing Your Retirement Giving: A Guide to Qualified Charitable Distributions **Understanding the Benefit** The Internal Revenue Service (IRS) offers an appealing opportunity for individual retirement arrangement (IRA) owners aged 70½ or over. They can transfer up to $100,000 tax-free each year to their favorite charity through qualified charitable distributions (QCDs). This not only serves as …

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The IRS has announced key inflation adjustments for the tax year 2024, which will impact tax returns filed in 2025. Here are the significant changes: 1. **Standard Deduction Increases**: For married couples filing jointly, the standard deduction is up by $1,500 to $29,200. For single taxpayers and those married filing separately, it rises to $14,600, …

Something to keep in your back pocket for tax year 2024 Read More »

**Subject: Important Advisory: Recognizing and Reporting Abusive Tax Schemes** Dear Valued Clients, As part of our ongoing commitment to keeping you informed and safeguarding your financial health, we at Crystal Clear Tax want to address a critical issue: abusive tax schemes. **Understanding Abusive Tax Schemes:** Abusive tax schemes are illegal arrangements that claim to reduce …

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**IRS Announces New Initiatives and Improvements Post Inflation Reduction Act** The Internal Revenue Service (IRS) has recently unveiled several new initiatives and improvements, following a successful 2023 filing season bolstered by the Inflation Reduction Act (IRA) investments. These steps are aimed at enhancing enforcement against non-compliance by high-income individuals, large corporations, and complex partnerships, while …

IRS Announces New Initiatives and Improvements Post Inflation Reduction Act Read More »

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced significant improvements for the upcoming 2024 Filing Season, following the successful implementation of the Inflation Reduction Act (IRA) investments in 2023. These changes aim to streamline tax processes and enhance taxpayer experiences. **Key Developments:** 1. **Paperless Processing Initiative Progress:** – **Digital …

IRS Announces Major Advances for 2024 Filing Season and Beyond Read More »

As 2023 draws to a close, the IRS urges taxpayers to review their tax withholding promptly to avoid surprises when filing next year. Even adjustments made in the final weeks of the year can make a difference. The IRS provides resources like the Tax Withholding Estimator, aiding individuals in determining if they have the correct …

Smart Tax Planning: Avoid Surprises in 2024 with Strategic Withholding Read More »

In 2024, the IRS has increased the contribution limit for 401(k) plans to $23,000 and for IRAs to $7,000. Catch-up contributions for those 50 and older in 401(k) plans also rose, allowing a total contribution of $30,500. Income phase-out ranges for deductible contributions to traditional IRAs and contributions to Roth IRAs have been adjusted, providing …

Unlocking Your Retirement Potential: IRS Announces Key Changes for 2024 Read More »