Tax Preparation Checklist - 2025 Tax Year Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your unexpired IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & 1099-DIV) Consolidated tax statements of investment income, sales, and purchases Unemployment … [Read more...]
Please READ THIS!
Please READ THIS! If any of the following relates to your situation, please bring it to our attention: If you had a financial interest in or signature authority over a financial account (bank, securities, or brokerage) located in a foreign country; At any time during the past year did you receive, sell, send, exchange, or otherwise acquire a financial interest in any virtual currency? If you have incurred Adoption expenses within the last 3 years or expect to incur Adoption … [Read more...]
No Tax on Tips, No Tax on Overtime Through 2028
Effective the tax year starting January 1, 2025… If you received Tipped Income: Employees who customarily and regularly receive tips may be able to deduct up to $25,000 in tips from their income subject to federal income tax, and businesses must report these tips on Form W-2 for employees and on Form 1099 for non-employees. If you received tip income as an employee, your W-2 should provide the necessary information for your tax return. If you received tip income as a self-employed … [Read more...]
2025 Changes to Home Energy-related Improvements
New requirements for claiming certain energy-related home improvements are in effect for tax year 2025. These requirements affect the following improvements: Exterior Doors, Windows and Skylights Central Air Conditioners Natural gas, propane, or oil water heaters Natural gas, propane, or oil furnaces and hot water heaters Heat pumps and biomass stoves and boilers, including heat pump water heaters If you installed any of the above items in your home in 2025, you … [Read more...]
2025 New Auto Loan Interest Deduction
New Auto Loan Interest Deduction (2025-2028) Link to Printable PDF: 2025 Auto Loan Interest Deduction One of the changes for tax year 2025 is a deduction for interest paid on qualifying auto loans. Prior to this change, interest paid on an auto loan was treated as nondeductible personal interest. But now there is an annual deduction of up to $10,000 for auto loan interest, beginning in 2025 and lasting through 2028. Because most car buyers will pay less than $10,000 a year in auto … [Read more...]
Erb Financial: September Newsletter 2025
Three Ways to Help Build Financial Resilience Roller-coaster markets, global events, and unexpected life changes can catch you off guard. Little wonder that you might worry about the potential effects on your financial well-being. Fortunately, you can take steps to build the resilience you need to help handle challenging times and hopefully emerge even stronger. Fortify your foundation Developing a new budget or reviewing an existing one may help reduce stress and feelings … [Read more...]
Boomer Homeownership and Retirement
With the youngest baby boomers turning 60 in 2024, a survey from mortgage agency Freddie Mac looked at the relationship of boomer homeownership to retirement and aging. Here are some of the findings. All percentages apply to baby boomers (born 1946 to 1964), who hold about half the nation's home equity, amounting to more than $17 trillion. This content has been reviewed by FINRA. Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc. IMPORTANT … [Read more...]
How Has SECURE 2.0 Affected 401(k) Plans?
Since its inception in 1980, the 401(k) plan has become a key tool in helping Americans build wealth. In fact, the number of people who have become millionaires through their 401(k) plans reached 537,000 in 2024, a 27% increase from 2023.1 The SECURE 2.0 Act, passed in 2022, introduced new features designed to make 401(k)s even more appealing to workers. The following features are optional for employers, and while some have been adopted, others have yet to gain traction. Emergency … [Read more...]
Life Insurance Might Help During Turbulent Economic Times
During times of economic uncertainty and when the stock market is volatile, life insurance may be a useful tool to consider. Income protection Finances that were intended to provide support for you and your family could take a hit due to stock market volatility. In addition, rising costs of goods and services might eat into more of your income and savings. If you die, life insurance can be used to help replace some of the savings you may have lost during turbulent economic times. The … [Read more...]
Planning for a Pricey Pet
Pets can be great companions, so it's probably not surprising that 94 million U.S. households own at least one. But pets can also be expensive to care for, and costs are rising. According to one survey, average pet costs increased 9% for a dog and 11% for a cat in 2024 and are projected to rise even more — as much as 7% for a dog and 10% for a cat in 2025. Costs vary based on factors such size, breed, age, and health, but knowing how much you might spend to care for your pet can help you plan … [Read more...]
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