Taxes - Stout Bowman & Associates

Taxes

Tax facts regarding contributions to and withdrawals from 401(k), IRA and Roth IRA accounts

When Should You Adjust Your W-4 Withholdings?

In accordance with the U.S. tax system, most individuals take the pay-as-you-earn (PAYE) approach.

Tax Prep Checklist: What to Gather Before Filing

There are five categories of tax information you must collect to successfully file your tax return.

Electric Vehicle Tax Credits: What You Need to Know

One of the main talking points of the Inflation Reduction Act is its impact on incentivizing people to buy an electric vehicle (EV).

How to Calculate Early Withdrawal Penalties on a 401(k) Account

If you are thinking of withdrawing money from your 401(k) plan before age 59-1/2, be aware of the potential IRS penalties and taxes.

Unprecedented 401(k) Boost For 2023

On October 21. 2022 the IRS announced a record increase in contribution limits to 401(k) and other tax-deferred retirement plans for 2023.

Now You Can Save More for Retirement: 2022 Contribution Limits

The Internal Revenue Service (IRS) evaluates and updates qualified retirement account contribution limits each year.

Aggregating RMDS – What Is (And What Is Not) Allowed

Be careful with multiple RMDs! Know the basic aggregation rules below.

12 Top Sources of Nontaxable Income

Most of the income you earn through work or investments is subject to federal income tax and, in some cases, to state taxes, as well.

2021 Tax Brackets and Other Tax Changes

On October 26, 2020, the Internal Revenue Service published the 2021 tax rates, allowances, and thresholds applicable for the tax law provisions that are adjusted annually for inflation.

Reasons To Think Twice About A 72(t) Payment Plan

Don't be lured into withdrawing IRA funds before age 59-1/2 by an IRS rule that allows you to avoid the 10% penalty.

August 31, 2020 Deadline for Qualified Plan Actions

Due to the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, certain actions must be taken by August 31, 2020, regarding qualified retirement plans. If you have taken a 2020 RMD, sponsor an employee plan, or made a 2019 IRA contribution, be sure to read this article.

SECURE Act Makes Major Changes in IRA Rules

If you are a small business owner, a part-time worker, approaching or over age 70-1/2, a beneficiary of someone's IRA account, or the owner of a 401(k) plan, you MUST read about the changes made by the SECURE Act of 2019.

Property Taxes (And How To Lower Them)

Property taxes are a major source of income for the city, county, and state governments, and other entities such as school districts. Knowing more about these taxes may help you to lower yours.

Qualified Charitable Distributions

If you are over the age of 70-1/2, there is a way to reduce your taxable income, and therefore the taxes you pay, by taking advantage of the Qualified Charitable Distribution (QCD) from an IRA account.

Credit/Debt/Loans

HELOC and Second Mortgage Loophole

You may still qualify for the Home Equity Line of Credit deduction.

Required Minimum Distributions

These are withdrawals from IRA accounts required by the tax code once a person reaches the age of 70-1/2 and every year thereafter. The IRS imposes a 10% penalty if you get it wrong.