Block illustration of a family benefiting from the Child Tax Credit.

The Child Tax Credit: Planning for Change

Tax Planning, Financial Planning, Individual TaxNovember 20, 20240Comments
The Child Tax Credit is a valuable tax credit that helps many families reduce their tax burden. For the 2024 tax year, the maximum credit is $2,000 per qualifying child and $500 for other dependents. Additionally, the refundable portion, known as the Additional Child Tax Credit (ACTC), is up to $1,500 for 2024. Key Takeaways…

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An advertising illustration of a person in deep conversation with a financial advisor, highlighting the importance of seeking professional guidance for 401(k) withdrawals.

Early 401(k) Withdrawals: Penalties and Exceptions

Retirement Planning, Financial Planning, Individual TaxNovember 18, 20240Comments
Understand the penalties and exceptions for early 401(k) withdrawals to make informed decisions about your retirement savings.

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Pop Art illustration of a hand holding a tax form with a speech bubble emphasizing the connection between dependents and deductions.

How many dependents can I claim? – Requirements, How to Claim 2024-2025

Individual Tax, Financial Planning, Tax CreditNovember 18, 20244Comments
Maximize your tax savings by understanding IRS dependent rules, qualifying criteria, and available tax benefits.

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Block illustration of a balance scale with "Standard Deduction" on one side and "Itemized Deductions" on the other.

Should You Take the Standard Deduction or Itemize?

Individual Tax, Financial Planning, Tax PlanningNovember 18, 20240Comments
Learn how to decide between the standard deduction and itemizing to minimize your tax bill this year.

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Block illustration of a taxpayer and tax professional working together on tax preparation.

Choosing the Right Tax Professional: Questions You Need to Ask

Business Tax, Financial Planning, Individual TaxNovember 15, 20240Comments
Find the perfect tax professional by asking key questions about their qualifications, communication style, specialization, fees, and audit representation to ensure you receive expert tax services and peace of mind.

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A retro-style advertising illustration of a happy employee receiving a life insurance policy from their employer, highlighting the benefit as a positive perk.

Is Your Employer-Paid Life Insurance Taxable? Find Out Now!

Financial PlanningNovember 14, 20240Comments
Discover how employer-provided life insurance benefits can unexpectedly impact your taxes, learn about the $50,000 tax-free limit, and explore strategies to avoid tax surprises.

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Collage illustration combining various elements related to business sales and capital gains tax.

Navigating Capital Gains Tax in Business Sales: Cash vs. Equity Compensation

Business Tax, Financial Planning, M&ANovember 13, 20240Comments
Selling a business is a major financial and life decision. Whether you're a seasoned entrepreneur or a first-time business owner, understanding the tax implications is crucial for maximizing your after-tax proceeds. One area that often causes confusion is how capital gains taxes apply when the sale involves a mix of cash and equity compensation. At…

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A colorful block illustration of a chameleon transferring between branches labeled "Traditional IRA" and "Roth IRA."

Tax Consequences of IRA Recharacterizations: What to Expect When You Convert

Retirement Planning, Financial Planning, Tax PlanningNovember 12, 20240Comments
Understand the tax consequences of recharacterizing or converting your IRA contributions to optimize your retirement savings strategy, and learn how XOA TAX can help you navigate these complex transactions.

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Hand sorting coins, representing the Pro Rata Rule.

Understanding the Pro Rata Rule: What High Earners Need to Know About Roth Conversions

Retirement Planning, Financial Planning, Tax PlanningNovember 12, 20240Comments
At XOA TAX, we regularly guide individuals on maximizing their retirement savings. Converting a traditional IRA to a Roth IRA is a popular tactic, but it's crucial to understand the implications of the pro rata rule before you begin. This rule can significantly impact your tax liability, especially for high earners considering conversions in 2024.…

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A block illustration showing the transfer of assets from a joint brokerage account to an individual account, with the term "Joint Brokerage Account" highlighted.

Understanding the Tax Implications of Transferring Joint Brokerage Accounts

Tax Planning, Estate Planning, Financial Planning, Wealth ManagementNovember 10, 20240Comments
Transferring assets from a joint brokerage account to an individual account is a common strategy used in estate planning, gifting, or simply managing personal finances. However, it's important to be aware of the potential tax consequences before making any changes. This article will guide you through the key tax considerations involved in transferring joint brokerage…

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