White House Releases Fiscal Year 2024 Budget Including Tax Revenue Proposals
Administration releases Fiscal Year 2024 Budget and Greenbook explanation of tax proposals. Expectations are light for proposals to move forward in Congress.
New IRS Guidance on the Taxability of Special State Tax Payments Paid in 2022
The Internal Revenue Service recently issued guidance clarifying the federal taxability of special one-time tax rebates and refunds issued by 21 states in 2022, including South Carolina and Virginia.
IRS Releases Fact Sheet Regarding Residential Energy Credits
A recent IRS fact sheet details requirements for the energy efficient home improvement credit and the residential clean energy property credit.
PTETs: Considerations & Planning Opportunities
In a previous article, we outlined the background, benefits, and challenges of PTE tax (PTET) regimes. In this article, we address core considerations and planning opportunities.
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.
Year-end Tax Planning Considerations
Tax planning considerations for businesses and individuals approaching the end of 2022.
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.