FEATURED ARTICLES & TAX TIP BLOG
Welcome to the KM&M CPAs Featured Articles & Tips Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
This ‘bucket strategy’ could lower your taxes in retirement — here’s how to maximize it
From CNBC — By Kate Dore — Many retirees don’t think about taxes until it’s time to withdraw funds from a pretax account, which can be a costly mistake, financial experts say. Only 3 in 10 Americans have a plan to reduce taxes on retirement savings, according to a...
IRS ruling on one company’s 401(k) match may change the way Americans apply contributions
But is it a good idea to pay off debt — or just an easy way to drain savings? From Moneywise — By Christy Bieber — What if you had the flexibility to choose how to use your 401(k) match? One company has just started allowing it. The Internal Revenue Service (IRS)...
Reminder: The clock is ticking on mandatory BOI Reports
KM&M can file for you A reminder for our clients, especially our small business owners: The clock is ticking for U.S. companies to file the new Beneficial Ownership Information Report with the federal government. It is anticipated that 32.6 million businesses are...
401(k) limits, ‘super catch-up’ contributions, increase in 2025
From USA Today – By Medora Lee – Americans will be able to sock away more in their workplace retirement plans, before taxes, in 2025, with 'super catch-up' contributions allowed for those aged 60-63 also increased. The IRS said on Friday, Dec. 1, that it...
Power off your phone at least once a week, the NSA advises
From ZD Net – By Lance Whitney – Turning off your phone regularly is one of the NSA's top cybersecurity recommendations. Here's why and what else to know. Your pricey smartphone can be hit by many security threats, from phishing to malware to spyware. All it takes is...
Dimon: ‘Buffett Rule’ approach to taxing the wealthy could solve U.S. debt problem
From Business Insider– By Filip De Mott – JPMorgan CEO Jamie Dimon has put forth a solution to unrestrained US debt: Tax the rich at the same rate as middle-class people, or at a higher rate. The bank executive told "PBS News Hour" in August that the country could...
How the election results will raise or lower your taxes
From The Wall Street Journal – By Richard Rubin – WASHINGTON—Taxes could go up, down or completely sideways next year, depending on which political party controls which parts of the government after the November elections. From The Wall Street Journal – By Richard...
How to structure retirement income to tamp down taxes on savings
From Social Security to IRAs and investments, with smart tax planning, retirees can have some control over how much of their income they'll get to keep. From Kiplinger – By Rick Barnett – Retirement isn’t the end but rather a new beginning. A time to enjoy the...
20 tech experts share how to protect your identity online
From Forbes– By the Forbes Technology Council – As consumers, we’ve likely run across cautionary tales and product ads focused on identity theft in a variety of media, from television commercials to podcasts and online news sources to local radio. It’s not...