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December 2024


As the year comes to a close, we would like to take a moment to acknowledge the invaluable contributions of our team at HT2 and the continued support of clients like you. Your ongoing loyalty is a key driver of our growth and success, and we truly appreciate your dedication. Thank you for being an essential part of our journey!


HOW INFLATION WILL AFFECT YOUR 2024 AND 2025 TAX BILLS

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions.


Read on to learn more!

SENIOR TAX-SAVING ALERT:

MAKE CHARITABLE DONATIONS FROM YOUR IRA

If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages.


QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending on whether you’ve made nondeductible contributions over the years.


Unlike regular charitable donations, you can’t claim itemized deductions for QCDs. That’s OK because the tax-free treatment of QCDs equates to a 100% deduction!


Read on to learn more!

IN CERTAIN SITUATIONS, FILING A GIFT TAX RETURN IS REQUIRED OR RECOMMENDED

Thanks to the annual gift tax exclusion, you can systematically reduce your taxable estate with little effort. And while you typically don’t have to file a gift tax return, in some situations, doing so may be required or recommended.



Read on to learn more!

WHATS NEW AT HT2

FEDERAL COURT SUSPENDS BOI REPORTING!


To learn more about the suspension, select link below


Read on to learn more!

Timely Resources & Links

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