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Give More, Tax-Free in 2024 IRA owners aged 70?+ can now donate up to $105,000 tax-free to charity, up from $100,000. Married couples with separate IRAs can give up to $210,000 combined. Benefits: - Counts toward RMDs for those aged 73+. - Excluded from taxable income, even without itemizing. - Future-ready: limit rises to $108,000 in 2025. Act by December 31, 2024! Work with your IRA trustee to send donations directly to a qualified charity and secure written confirmation. Make a difference while reducing your taxes! ??

IRS Finds 24% of Enrolled Agents Lacked Required CPE Compliance For the first time, the IRS’s Return Preparer Office (RPO) reviewed Continuing Professional Education (CPE) compliance for renewing Enrolled Agents (EAs). Results showed 24% of EAs had unmet CPE requirements due to issues such as: - Non-IRS-approved CPE providers - Missing CPE documentation - Inability to produce a CPE certificate NATP is an IRS-approved CPE provider, offering courses that clearly indicate CPE credits and field of study, submitted on time. By joining NATP, EAs can access free and discounted CPE to meet compliance with confidence. Join NATP and uphold excellence in tax practice. For inquiries, reach out to Member Services at [email protected].

Reminder: Enrolled Agent Renewal Deadline Approaching If you're an enrolled agent with a Social Security number ending in 0, 1, 2, or 3, your renewal deadline is January 31. To maintain your active status, EAs must renew every three years. Missing the deadline will result in an “inactive” status with the IRS. To renew: 1. Complete Form 8554 on Pay.gov. 2. Pay the $140 renewal fee. 3. Ensure your Preparer Tax Identification Number (PTIN) is active and included on Form 8554. For details, visit IRS.gov/ea.

2025 Retirement Plan Limits Adjusted for Inflation ?? Starting January 1, 2025, new IRS limits apply to retirement contributions: - Defined Benefit Plans: Up to $280,000 annually. - Defined Contribution Plans: Limit increased to $70,000. - 401(k) Elective Deferrals: Maximum $23,500. - SIMPLE Accounts: Contribution cap raised to $16,500. Catch-up contributions stay at $7,500 for those 50+ and $11,250 for ages 60-63. The threshold for "highly compensated employees" is now $160,000. Stay on top of these changes to maximize your retirement savings! #RetirementPlanning #TaxUpdates #COLA

???? Does the President Control Our Nation’s Cash? ?? Think the President holds the keys to the country’s purse strings? Not so fast. The Constitution has something to say about who really manages the nation’s money. ?? What do you think? Should this power be more centralized, or is the current system working? ?? Follow Sunshine 'n Taxes for more insights into the history, structure, and impact of tax systems. #SunshineNTaxes #TaxTransparency #ConstitutionFacts #PublicFinance #MichaelMcCarthyCPA #FinancialLiteracy #CivicEducation https://lnkd.in/gbkk5ejC

IRS Announces 2025 Retirement Contribution Limits ?? 401(k) Contributions: Up to $23,500 (up from $23,000 in 2024) ?? IRA Contributions: Remains at $7,000, with a $1,000 catch-up for those 50+ ?? Catch-Up for 401(k) Participants (50+): $7,500, allowing a total of up to $31,000 ?? Enhanced Catch-Up for Ages 60-63: Up to $11,250 for 401(k), and $5,250 for SIMPLE plans Income Limits for Tax Benefits Also Increase: - Traditional IRA Deduction: Phase-out for singles now $79,000–$89,000; joint filers $126,000–$146,000. - Roth IRA Contributions: Phase-out for singles is $150,000–$165,000; joint filers $236,000–$246,000. - Saver’s Credit: Income limits rise to $79,000 for joint filers. For full details, see IRS Notice 2024-80 on IRS.gov. #IRS #Retirement #401k #TaxTips

?? Safeguard Your Identity with an IP PIN! ?? The IRS now encourages all taxpayers to sign up for an Identity Protection Personal Identification Number (IP PIN) to help protect against identity theft. Signing up early through your IRS Online Account will give you an extra layer of security when electronically filing your return in 2025. An IP PIN is a unique, 6-digit code that stops scammers from filing a tax return using your SSN. Protect your tax data and take this step now! For more information, visit IRS.gov. #IdentityProtection #TaxSecurity #IRS #IPPIN #Repositax #TaxSeason2024

?? How to Pay Your Taxes ?? Did you know there are multiple ways to pay your IRS tax bill? The IRS offers options to make it easier to pay on time and avoid penalties. Check out their quick video for guidance on payment methods: ?? Learn more here - https://lnkd.in/e8hgBh3f Whether you're paying online, by phone, or via other methods, staying informed can make tax time smoother! For more helpful IRS tips, subscribe to these channels: ?? youtube.com/@irsvideos ?? https://lnkd.in/g4ssz-Ak ?? youtube.com/@irsvideosASL #HowToPay #TaxTips #IRS #Repositax #TaxSeason2024

??? Beware of Charity Scams After Recent Hurricanes! ??? In the wake of Hurricanes Milton and Helene, the IRS is warning taxpayers about scammers setting up fake charities to exploit generosity. Before donating, always verify the legitimacy of a charity using the IRS’s Tax Exempt Organization Search (TEOS) tool. Here’s how you can protect yourself: ?? Verify before you give: Use the TEOS tool on IRS.gov to check if a charity is legitimate and eligible for tax-deductible donations. ?? Be cautious about payment methods: Never give donations through gift cards or wire transfers. Use credit cards or checks only after verifying the charity. ?? Don’t share personal info: Scammers may ask for sensitive information—never disclose your Social Security number or credit card details. ? Don’t succumb to pressure: Legitimate charities won’t rush you for donations. Take your time to research. If you encounter a suspicious charity, report it to the FBI. And remember, donations only count for tax deductions if they go to qualified tax-exempt organizations recognized by the IRS. Stay safe and informed! #CharityScams #TaxTips #IRS #HurricaneRelief #Repositax #TaxSeason2024

?? Where’s Our Cash Going? ?? Did you know the IRS collects over $3 trillion annually? Ever wondered where those dollars end up? We’re talking about how tax revenue is allocated – quickly and clearly. We’re taking a fresh look at where tax dollars really go. Follow Sunshine 'n Taxes to stay informed and gain insights into the impact of taxes on our economy and daily lives. Because understanding where our money goes is the first step toward financial empowerment! #TaxEducation #WhereOurCashGoes #SunshineNTaxes #FinancialAwareness #PublicFinance https://lnkd.in/gY72dnKU