Recent News & Blog / Individual Tax
Make year-end tax planning moves before it’s too late!
It’s an ideal time to begin making moves that could reduce your tax bills for 2024 and 2025. If you itemize deductions, you may be able to deduct medical expenses, state and local taxes up to $10,000, charitable donations, and eligible mortgage interest. Contact the CPAs and tax advisors at SEK for assistance.
A spendthrift trust can act as a wealth preserver
A spendthrift trust can be an invaluable tool for preserving wealth for your heirs. It prohibits a beneficiary from directly tapping its funds or transferring its rights to someone else. Instead, the trust beneficiary relies on the trustee to provide payments based on the trust’s terms. Contact the CPAs and estate planning advisors at SEK if you have questions regarding a spendthrift trust.
Understanding the $7,500 federal tax credit for buying an electric vehicle
An eligible taxpayer can claim a credit of up to $7,500 for a new clean vehicle. These are qualified plug-in electric vehicles (EVs) and fuel cell vehicles. An EV must meet certain requirements, and there are income limits to qualify. Contact the CPAs and tax advisors at SEK for more information on tax credits.
What you can do to protect your financial future from the recent social security data breach
Over 2.7 billion Social Security numbers were found to be leaked in a recent data breach. Read how to protect your financial future.
6 tax-free income opportunities
There are ways to collect income and gains free from federal income tax. Contact the CPAs and tax advisors at SEK. Advance planning may lead to better tax results.
Comparison of Harris and Trump tax policy proposals
Presidential nominees Kamala Harris (D) and Donald Trump (R) are floating proposals ahead of what will be a consequential year for tax, with key provisions from the GOP’s 2017 tax overhaul (Public Law 115-97
Filing a joint tax return for the year of a spouse’s death can be beneficial
When a person dies, his or her personal representative (called an executor in some states) is responsible for filing an income tax return for the year of death. In some cases, filing jointly can provide tax savings, such as from a lower tax rate, larger tax credits and higher IRA contribution limits. Contact the CPAs and tax advisors at SEK for more information.
Are you liable for two additional taxes on your income?
High-income taxpayers may face two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax. Income subject to the NIIT includes interest, dividends, annuities, royalties, rents, passive business income, and net gains from property sales. Wage income and income from an active trade or business aren’t included. Contact the CPAs and tax advisors at SEK to discuss extra taxes and how their impact may be reduced.
Working remotely is convenient, but it may have tax consequences
While there are lots of advantages to working remotely, it may also lead to some tax surprises, especially if a job crosses state lines. If you live in one state and work remotely for an employer in another state, you may need to file income tax returns in both states. Contact the CPAs and business tax advisors at SEK with questions about your tax situation.
Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”
Navigating tax law complexities can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. In some cases, spouses are eligible for “innocent spouse relief.” If you’re interested in trying to obtain relief, paperwork must be filed and deadlines must be met. The process is challenging. The CPAs and tax advisors at SEK can assist you with the details.