Calderon Tax & Accounting Advisors LLC

01/12/2023

Under a new law passed last month, owners of 529 college savings plans can rollover up to $35,000 of unused 529 account dollars to Roth retirement accounts - aka the "Cadillac of retirement strategies - beginning in 2024.

Read the full article from Accounting Today here:

SECURE 2.0 fueled an expansion of the 'Cadillac' of nest eggs. Here's what you need to know.

12/11/2022

This is a new, fun financial podcast hosted by George Kamel and Rachel Cruze - Ramsey Personalties. This episode talks about updating your home, and the effect HGTV has had on our spending habits. The episode ends with fun banter about how they personally "fudged" their own budgets

The TV Network That Brainwashed Us AllPull up a chair to the happy hour you wish your friends were having. Mix two money experts with some hot takes and a sp...

09/30/2022

https://studentaid.gov/debt-relief-announcement/one-time-cancellation?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

08/25/2022

President Biden signed the Inflation Reduction Act to allow credits for New EV $7500 and used EV credits up to $4000 until year 2032.
https://www.accountingtoday.com/opinion/irs-issues-immediate-guidance-for-ev-credits-under-inflation-reduction-act?

08/03/2022

Check out Dave Ramsey's 1-hour long podcast about the current state of the real estate market. It's an excellent discussion.

https://www.ramseysolutions.com/real-estate/reality-of-housing-market

01/13/2022

The IRS officially announced today, that they will start accepting tax returns on January 24th. Remember that neither Turbo Tax nor H&R Block are offering Free File anymore. Go directly to the IRS website to review the participating Free File websites, and select one that corresponds your particular situation.

12/05/2021

Give to yourself this holiday season and get a tax deduction for it. Here are a few ways you can "pay yourself" and lower your taxes. 🤑

* For individuals enrolled in a High Deductible Health Insurance Plan as of December 1, 2021, you can claim a tax deduction for depositing money into your Health Savings Account (HSA). The maximum you can contribute to (deposit into) your HSA in 2021 is $3,600 if you have individual health insurance coverage, or $7,200 if you have family coverage. If you are aged 55 or older, you can contribute an additional $1,000 in 2021. The bad news is that you do not qualify to contribute to an HSA as soon as you qualify for Medicare at age 65.

Bonus: You have until April 15th to open an HSA & deposit money AND claim the deduction on your 2021 tax return. Visit your favorite bank for details on opening an account, and applying the deposit to the appropriate tax year.

* Long-Term Planning with HSA accounts: This is not a "use it or lose it" account. You can deposit money into the HSA every year in which you have a high deductible health insurance plan. Once you become eligible for Medicare (age 65), you'll then have a robust "nest egg" dedicated solely to paying for the medical expenses you will incur as you get older.

* Business owners can look into a Self-Employed Retirement Plan (SEP) IRA. You can claim a tax deduction for contributions to a SEP IRA, up to 25% of compensation, up to $58,000 for 2021.

Bonus: The deadline to open and fund a SEP IRA is the same deadline as your tax return, even if you file for an extension, so you have plenty of time to save up the monies to maximize your deduction.

12/05/2021

'Tis the season to think about some year-end tax planning ideas. Here is a list of tax deductions for you to consider, along with a few gems that carry over beyond 2021.

* Typically on a 1040, you have to itemize to deduct your charitable contributions. For 2021, individuals who *don't* itemize can deduct up to $300 if you're Single, or $600 if you're married filing jointly.

* For teachers, expenses for personal protective equipment and other COVID-related supplies are eligible for the deduction for educator expenses.

* For individuals with Flexible Spending Arrangements (FSA accounts), check with your employer about contributing extra amounts in December. Congress allowed carrying over unused amounts to next year, temporarily doing away with the "use it or lose it" mandate for 2021.

* For business owners, 100% Bonus Depreciation is in effect for 2021, making the purchase of new or used assets fully deductible.

* For individuals who itemize and have more income than usual in 2021, pay the property taxes on your home before December 31st if you normally pay them in January, shifting the deducting from 2022 to 2021.

* For business owners filing Schedule C, who are consistently making over $75,000 of *net* profits per year, consider filing an S-Corp Election which is an optional tax filing that may provide you with some tax savings. ==> Form 2553 is due by March 15th to make this election.

* Employers offering an educational benefit plan to their employees are normally allowed a tax deduction to pay for tuition, books and fees. Through 2025, you can also pay up to $5,250 per year of student loan payments as part of your benefit plan.

* Individuals who default on a home mortgage typically receive a 1099 from their lender for Cancellation of Debt. Congress extended the exclusion from gross income on this 1099 income, if it's on your principal residence, through 2025. Up to $750,000 of mortgage debt on your home can be reported as non-taxable income.

12/05/2021

And if Accounting & Taxes don't fall within the realm of "All The Things You Know," you can call me. "Balancing Life with Debits & Credits" is my mantra, and I'm here to help.

11/12/2021

This was an amazing reminder to those of us who are constantly haunted by self-doubt. Give yourself kudos - or a high-five, or a pat on the back - for your daily achievements! Your superpowers make you an every-day hero. Love all y'all!!

Y’all know I love to dive into uncomfortable topics, which is why I’m excited to tackle today’s topic on whether or not it’s okay to be proud of yourself. I’...