Good Financial Reads: What's Your Tax Season Plan?

A Checklist of Documents for Filing Your 2024 Tax Return

by Michael Reynolds, Elevation Financial

As tax season approaches, staying organized can save you time, stress, and even money. To make filing your 2024 tax return easier, here’s a checklist of documents you may need, depending on your income sources, deductions, and tax credits.

This is meant to be a list of the most common items needed for filing taxes. It is not an exhaustive list. If you have a more complex situation, you may have documents not listed here.

[Read the Full Article]

What to Expect When Tax Season Hits: A Guide for Families to Stay Organized and Maximize Your Tax Savings

by Ivan Havrylyan, Outside The Box Financial Planning

As the holiday lights come down and the New Year’s champagne glasses are put away, February brings another kind of season—tax season. For many families, this time of year can feel overwhelming. Between juggling your career, kids’ schedules, and household responsibilities, adding tax preparation to the mix might feel like one too many plates to spin. But with a little organization and a clear game plan, you can tackle tax season confidently—and maybe even uncover a few last-minute savings.

Here’s a breakdown of what to expect as tax documents roll in, tips for staying organized, and strategies to ensure nothing is missed when meeting with your CPA.

[Read the Full Article]

Self Employed Retirement Plan Savings Strategies: SEP IRA vs Solo 401k Under New 2024 IRS Tax Ruling

by Zack Gutches, True Riches Financial Planning

Retirement planning can feel daunting for self-employed individuals, freelancers, consultants, and 1099 earners. Without the benefit of an employer-sponsored plan, you’re tasked with finding and managing the best retirement options yourself. Fortunately, two highly effective solutions cater to your needs: the Simplified Employee Pension Individual Retirement Arrangement ("SEP IRA") and the Solo 400401(k). While both plans offer significant tax advantages and growth potential, they differ in terms of contribution limits, administrative requirements, and flexibility. Let’s delve into the key differences to help you determine which plan best aligns with your financial goals. 

[Read the Full Article]

What Tax Deductions and Credits are Available?

by John Foligno, Grand Life Financial

Tax write-offs, or more commonly described as tax deductions, will lower your taxable income. By subtracting the deductible expenses, you decrease your taxable income and thus reduce your tax liability.

Generally, the two ways to claim your tax deductions are the standard deduction or itemized deductions, of which you can only choose one. The standard deduction is essentially a flat-dollar reduction to your adjusted gross income (AGI). The Tax Cuts and Jobs Act (TCJA) of 2017 nearly doubled the standard deduction but it also eliminated or restricted many itemized deductions through 2025, which caused most taxpayers to choose the standard deduction. 

[Read the Full Article]

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.