SECURE Act 2.0 – what it means for you
The piece of legislature known as the SECURE Act 2.0 has been passed by both the US Senate (Thursday) and House (Friday), and is waiting for the signature of President Biden (presumably after the holidays). The SECURE Act 2.0 is actually part of the 2023 omnibus spending bill – the…
State specific tax traps
The tax word “conformant”, or more commonly “nonconformant”, is what makes state income taxes so complicated. Every state has its own ability to adopt, or not adopt, changes in federal income tax code, as well as to develop its own taxation strategies. Some states tend to adopt IRS code changes,…
Do you know the 2023 tax-related contribution limits?
More and more of the 2023 tax related numbers have been released by the IRS throughout 2022. Here are those thresholds. Still need the 2022 thresholds? You can find those here. These numbers were released earlier this year Self HSA contribution – $3850 (up from $3650) Family coverage HSA contribution…
What’s coming to the 2022 1040?
The 2022 tax forms are not yet finalized, but the latest draft version was released on September 2, 2022. And it’s interesting (for us tax nerds) to see what the current progression is. Do you remember back in 2017 and before, when there was the 1040-EZ, the 1040-A, and the…
Mileage rate change for the second half of 2022
Anything tax related is messy. Want an example of how messy? How about the fact we’re going to have two different mileage rates for 2022! That’s right, per the IRS today, the last 6 months of 2022 will have different mileage rates than the first 6 months of 2022. Mileage…
What’s new with the federal “Where’s My Refund?” tool
We all know that the IRS is badly behind, especially if you had to file anything paper in the last few years. But they did just come out with a new upgrade to their “Where’s My Refund” software tool, and one that is much appreciated. Now, instead of just seeing…
In the Journal of Financial Planning – Hurdles for tax preparation
In the May 2022 issue of the Journal of Financial Planning, members of the Financial Planning Association community were asked to weigh in on the topic of what do we spend a lot of time doing, that we wish we spent less on? I was quoted about two particularly time…
Understanding Your Income Tax Return
This article was originally published in, and has been reprinted with permission from, Retirement Daily. Now that the stress and constant change of the 2021 tax season is behind us, it’s time to take a deep breath and see what we can learn from our tax return documents. Financial educator…
On Retirement Daily – Understanding Your Income Tax Return
You can find Tina’s next article with Retirement Daily published today, “Understanding Your Income Tax Return“.
On Budgets Made Easy – Introduction To Taxes
Tina Wood-Wentz wrote an Introduction To Taxes guest article for financial coach Ashley Patrick’s Budgets Made Easy. Ashley’s coaching goal of making budgeting easy and helping you pay off debt aligns well with Tina’s goals of helping anyone who doesn’t understand the daily ins and outs with money to know…