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Taxes when you sell an appreciated vacation home

Taxes when you sell an appreciated vacation home

by Insight Accounting Group | May 2, 2024 | Investments, Taxes

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used...
New option for unused funds in a 529 college savings plan

New option for unused funds in a 529 college savings plan

by Insight Accounting Group | Feb 27, 2024 | Investments

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free....
IRAs: Build a tax-favored retirement nest egg

IRAs: Build a tax-favored retirement nest egg

by Insight Accounting Group | Jan 26, 2024 | Investments

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t...
Contributing to your employer’s 401(k) plan: How it works

Contributing to your employer’s 401(k) plan: How it works

by Insight Accounting Group | Oct 31, 2023 | Investments, Retirement

If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a...
Investment swings: What’s the tax impact?

Investment swings: What’s the tax impact?

by Insight Accounting Group | Sep 13, 2023 | Investments

Investment swings: What’s the tax impact? If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your...
Using your IRA distributions to benefit charity

Using your IRA distributions to benefit charity

by Insight Accounting Group | Jun 22, 2023 | Estate Planning, Investments

Recent legislation opened up a new opportunity to use your IRA to make tax efficient contributions to your favorite charity. Individuals must receive annual required minimum distributions (RMDs) out of their retirement plan or IRA when they reach age 73 or older (this...
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Recent Posts

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  • How the new Trump Accounts for children will work
  • January Reminder: 2025 1099 Filing — Action Required
  • A new year means new tax figures for individuals
  • Important Year-End Update: New Overtime Reporting
  • How Donor-Advised Funds Can Help You Give — and Save on Taxes
  • What OBBBA Means for Your Charitable Deductions
  • Prepare Your 2025 1099 Information
  • New itemized deduction limitation will affect high-income individuals next year
  • Did You Incur a Casualty Loss
  • Prepare Your 2025 1099 Information
  • Upcoming Office Closures & System Upgrades
  • Changes to QuickBooks Desktop Support
  • Beware of Misleading Business Entity Report Mailings
  • Teachers and others can deduct eligible educator expenses this year — and more next year and beyond
  • Key Business Changes Under OBBA
  • The next estimated tax payment deadline is coming up soon

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