INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
Tax Credits vs Tax Deductions: What’s the Difference?
Two of the most common terms when doing taxes are “deductions” and “credits.” However, it can be challenging to differentiate between the two and how they influence your taxes. Here is a breakdown of the definitions of both terms and their key differences.
Overview of the Latest Cost of Living Updates for 2024
Each year, the IRS, Social Security Administration, and other federal agencies adjust policies to account for inflation. These adjustments are called Cost of Living Adjustments, or COLA. While more changes continue to be set in motion, here is a brief overview of the main cost of living adjustments for 2024 so far.
An Overview of IRS’ Changes to the FY2024 Tax Brackets
On November 9, 2023, the IRS announced its annual inflation adjustments for the upcoming FY2024 tax year. Among the changes were several adjustments to the different income tax brackets.
Year-End Financial Planning Checklist for Individuals
The end of the year is a great time to reflect and plan for the upcoming year. Here is a year-end financial planning checklist to help you evaluate things from the past twelve months and plan for the year ahead.
Is Tax Planning Worth It?
Tax Planning is an expense. How do you know if that expense is worth it for you? Check out our breakdown to see if it's right for you.
How Do I Start Tax Planning?
Tax planning is an excellent way to optimize your taxes. However, it is a complex process with moving pieces that keep changing. Here’s an overview of how to get started with tax planning.
TCJA Tax Benefits Phasing Out: What You Need to Know
When the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, the law made significant changes to the U.S. tax code, but those changes were always meant to be temporary. While some of those provisions have already expired, others will continue to phase out until 2027. Here are the notable tax benefits that are expiring soon.
Two New Bills Propose Tax Changes
The House and Senate announced two proposed bills earlier this summer. The bills include tax changes to revive the child tax credit and increase the standard deduction.
