Back in July, Congress passed the One Big Beautiful Bill Act (OBBBA) — a wide-ranging piece of legislation that introduces significant updates to the tax code, education savings, estate planning, and more. The changes it brings are substantial and could have a meaningful impact on your financial strategy ...
It’s early February, and by now you’ve likely received a (seemingly) random assortment of tax documents to share with your preparer. How do you know what forms you’re missing, how to obtain them, and when they’ll be available? This annual tax dance can lead to frustrations and potentially extra costs if you file prematurely. We’re here to help you solve the problem of two left feet ...
Do you happen to live in a desirable vacation spot? How about an area that hosts major festivals, fairs, or sporting events? If so, you could benefit annually by earning tax-free income with the 14-day rental rule, famously known as the "Augusta Rule." Rent out your home and keep the income—tax-free!
As the flowers bloom and the days grow longer, spring serves as the perfect reminder that it’s time to refresh and rejuvenate. While you’re decluttering your home and tidying up your garden, don’t forget to give your finances a thorough spring cleaning as well. Just like your living space, your financial health requires attention and maintenance.
We all know the saying that nothing is certain in life except death and taxes, and I would certainly rather talk about taxes! It’s that time of year again – the IRS is now accepting returns and the worry about this year’s “damage” may have started to creep in. On the other side of the fence, tax preparers have bought up all the coffee pods and are kissing their loved ones goodbye as they hunker down for the busy season.
Happy New Year from all of us at Woodward Financial Advisors! Three years ago, the original SECURE Act (Setting Every Community Up for Retirement Enhancement) passed, bringing a host of changes, including an increase to the Required Minimum Distribution age from 70 ½ to 72 and the elimination of the “Stretch-IRA.” On December 29, 2022, the much-anticipated SECURE Act 2.0 was signed into law.