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Everything you need to know about a 1031 Exchange
A 1031 exchange effectively allows you to swap one real estate property with another similar property and, in doing so, defer capital gains taxes until later. This can help you avoid the taxes you would otherwise pay on the sale of an investment property today.
Tax brackets and retirement contribution limits for 2024
Recently, the IRS announced there will be some changes to the 2024 tax year that could impact your retirement savings. Here’s what you need to know.
SECURE 2.0
More than 90 changes affect qualified retirement plans, IRAs, SIMPLEs, SEPs, ABLEs, and 529 plans within the SECURE 2.0 Act. This summary provides several highlights based on effective dates and relevance.
Minnesota Tax Audit Notice
In April of 2022, an estimated 45,000 Minnesota taxpayers began receiving notices regarding an audit of their 2019 and/or 2020 tax returns by the Department of Revenue.
COLA Adjustment 2022
The cost-of-living adjustment for social security benefits for 2022 is 5.9%, the largest increase since 1982 when it rose to 7.4%.
IRS Extends Tax Filing Deadline
The IRS announced that the federal income tax filing due date for 2020 individual tax returns has been automatically extended from April 15, 2021 to May 17, 2021.