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Unwrap the New Tax Rules for Charitable Donations

Toward the end of each year, many people have two goals: They seek to reduce the tax they'll owe, and they want to give financial support to charities they value. Those goals can come together by making tax-deductible donations. Beginning in 2026, some key rules will change with the new tax law, and those changes may affect what you give in 2025. Here's a rundown.

How Often Do You Pay Your Workers?

Different states have different rules regarding how often employers must pay their workers. You may have to pay your employees weekly, every two weeks, twice a month or monthly. However, employers must ensure they are in compliance with the applicable rules. This article explains.

Should QCDs Play a Role in Your Retirement Planning?

People who are 70½ years old or older may benefit tax-wise by transferring qualified charitable distributions (QCDs) directly from their IRAs to qualified charitable organizations. One reason why is QCDs count as required minimum distributions for tax purposes without resulting in tax liability. This article looks at the ins and outs of using QCDs. A sidebar explains the two major QCD rule changes that occurred under SECURE 2.0, a law enacted in 2022.

Swapping Life Insurance for Long-Term Care Insurance

Can you afford long-term care? One of the greatest threats to the financial security of a person's retirement and estate planning goals is a nursing home stay or other form of long-term care. Long-term care insurance (LTCI) may be a way to protect wealth against this risk, but it's expensive. One potential option for funding an LTCI policy is to "trade-in" a life insurance policy or annuity contract that's no longer needed.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
    Davis & Hessel CPA    Brannan & Hessel, CPA    Milbrod & Hessel, CPA    Heroic Solutions   

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