Retirement Tax Planning for Medicare Premiums
High-income retirees pay more in monthly Medicare premiums, but with careful planning – and an appeal when necessary – the premiums can potentially be reduced.
RMD and Estimated Tax Payments: Considerations and Tax Strategies
Many taxpayers may not realize that taxes are not automatically withheld from RMDs. There are tax strategies to manage estimated tax payments, but the deadline of Dec. 31 is quickly approaching.
This Could Be a Good Time to Convert to a Roth IRA
If you're like many who are saving for retirement, the value of your retirement accounts has dropped considerably during 2022. It may be time to consider converting to a Roth IRA.
Webinar Recording | Top 10 Tax Strategies for 2022
Join PBMares on November 16 to discover the top 10 tax strategies businesses and individuals should consider before year-end, including traditional tax strategies, charitable planning, and Roth IRA conversions.
Increase in Social Security Wage Base, Wage Caps and Benefit Amounts Announced for 2023
The Social Security Administration recently announced their annual inflation changes to the Social Security wage base, annual wage cap, and benefit amounts that will be effective January 1, 2023. These 2023 inflation increases are the largest percentage increases since 1981 and the fourth-largest increase ever for the Social Security program.
IRS Announces Significant Annual Inflation Adjustments for over 60 Tax Provisions for 2023
The IRS announced its annual inflation adjustments on October 18 in Revenue Procedure 2022-38. As expected due to soaring inflation over the past year, the tax adjustments are significant this year with most adjustments increasing around 6 to 7 percent.
IRS Provides Tax Relief and Tax Filing Postponement for Taxpayers in North Carolina and South Carolina due to Hurricane Ian
IRS announces new Hurricane Ian tax relief and a new February 15, 2023 tax deadline for all individuals and businesses in both North Carolina and South Carolina.
Inflation Reduction Act and Its Impact on ACA Healthcare Premium Tax Credits
Millions of Americans will avoid paying more for healthcare next year, thanks to the Inflation Reduction Act. Employers need to be aware of potentially higher penalties related to the family glitch, and individuals can take steps to project income and avoid paying back excess tax credits.
Amid Rising Interest Rates, the Ability to Deduct Interest Expenses Is Lower In 2022
Amid rising interest rates, the Section 163(j) business interest expense deduction has a more limited impact for real estate companies and other capital-intensive businesses starting in 2022. There are other financing strategies to mitigate the impact of the lower deduction.
The Inflation Reduction Act Makes Few Alterations to the Tax Strategies of PBMares’ Clients
Today, The Inflation Reduction Act of 2022 was enacted. Through its sweeping law changes on health care, climate, and taxes, the Act presents a few new opportunities for beneficial tax strategies. In general, the Act results in few tax increases to PBMares clients.