Recent News & Blog / Individual Tax
It’s possible (but not easy) to claim a medical expense tax deduction
Can you deduct your out-of-pocket medical costs on your tax return? It depends. Medical expenses can be deducted only to the extent unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical costs are deductible only if you itemize, which means that your itemized deductions must exceed your standard deduction. Contact the CPA's and business tax advisors at SEK to asses if you can claim a deduction, for more tax tips or to answer any of your tax questions.
Court awards and out-of-court settlements may (or may not) be taxed
Monetary awards and settlements are paid for many reasons. By law, individuals can exclude from gross income damages that are received on account of personal physical injury or physical sickness. Contact the CPA's and business tax advisors at SEK for tax tips, financial guidance and more questions!
2024 Rates & Dates
The IRS recently released the 2024 rates and dates, which includes the following:
Don’t forget to empty out your flexible spending account
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period).
Key 2024 inflation-adjusted tax amounts for individuals
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. Here’s what you need to know about the tax implications, including when the 10% early withdrawal penalty tax might apply.
What you need to know about restricted stock awards and taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive.
2023 Year-End Year-Round Tax Planning Guide
At SEK, we are dedicated to helping you maximize your income through a variety of tax-saving strategies. We are excited to share our 2023 Year-End Year-Round Tax Planning Guide, which includes:
2024 Cost of Living Adjustments
The IRS recently released the 2024 cost of living adjustments for retirement plans and related items. You can view the updated numbers below or click the button at the bottom to view a printable version!
Thinking about moving to another state in retirement? Don't forget about taxes
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant.