News
Your Estate Plan: Don’t Forget About Income Tax Planning
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with the federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t...
Inflation Enhances the 2023 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created...
Thinking About Converting Your Home Into a Rental Property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries...
Its Almost That Time of Year Again
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 17 to...
Are You Ready For The 2021 Gift Tax Return Deadline?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it...
Connect With MMA This Tax Season
We strive to provide the best client service possible. Knowing that many of our clients have busy lives and time is a precious commodity, we offer numerous efficient ways to connect with our team. Meetings – Video conferencing is...
Smooth Sailing: Tips to Efficient Processing and to Avoid Hassles This Tax Season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are two quick tips to help speed processing and avoid hassles. Tip 1. Gather all documents needed to prepare an...
IRS Requires ID.me Account to Access Online Accounts
On November 17, 2021, it was announced that the IRS would be implementing a new verification process for taxpayers to access their online accounts. To help better protect taxpayer privacy and reduce fraud, the IRS has teamed up with ID.me, a third-party verification...
Celebrating Our Staff
On Thursday, December 16, Helen Demsher was presented with the G.R.I.T. President's Award by Wheaton Chamber of Commerce President Vickie Austin. This award is presented to an individual who helped support and shape the presidency of the Wheaton Chamber President. "As...