Recent News & Blog / Individual Tax
Court awards and out-of-court settlements may (or may not) be taxed
Monetary awards and settlements are paid for many reasons. By law, individuals can exclude from gross income damages that are received on account of personal physical injury or physical sickness. Contact the CPA's and business tax advisors at SEK for tax tips, financial guidance and more questions!
2024 Rates & Dates
The IRS recently released the 2024 rates and dates, which includes the following:
Don’t forget to empty out your flexible spending account
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period).
Key 2024 inflation-adjusted tax amounts for individuals
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts.
What you need to know about restricted stock awards and taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive.
2023 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 2023 Year-End Year-Round Tax Planning Guide, which includes:
2024 Cost of Living Adjustments
The IRS recently released the 2024 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!
Facing a future emergency? Two new tax provisions may soon provide relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash.
Are scholarships tax-free or taxable?
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes.