Recent News & Blog / Individual Tax
SECURE 2.0 law may make you more secure in retirement
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. Here are some of the significant retirement plan changes and when they’ll become effective.
Renting to a relative? Watch out for tax traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules
2023 Rates & Dates
The IRS recently released the 2023 rates and dates, which includes the following:
Selling stock by year-end? Watch out for the wash sale rule
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed
Answers to your questions about taking withdrawals from IRAs
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72.
Strategies for investors to cut taxes as year-end approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales
Employers: Form 941 deposit requirements for 2023
Taxpayers have been receiving CP136 notices from the IRS to update their 2023 deposit requirements for Form 941,
2023 Cost of Living Adjustments
The IRS recently released the 2023 cost of living adjustments for retirement plans and related items. You can view the updated numbers below or click the button at the bottom to view a printable version!
2022 Year-End Year-Round Tax Planning Guide
At SEK, we are dedicated to helping you maximize your income through a variety of tax-saving strategies. We are excited to share our 2022 Year-End Year-Round Tax Planning Guide, which includes:
Is your income high enough to owe two extra taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT