Is Your Family Prepared? The Estate Tax Exemption Is Decreasing in Late 2025
Act now to maximize estate tax exemption before it drops starting in 2026.
Before Filing Form 3800: What Form Should You File First?
At XOA TAX, we’re passionate about helping businesses navigate the complexities of tax season. One common question we encounter revolves around Form 3800 – the General Business Credit. While it offers valuable opportunities to reduce tax liability, it often raises questions like: “What needs to be done *before* even considering Form 3800?” The key lies […]
California Exit Tax: What High-Net-Worth Individuals Should Know in 2024
This blog post explores the complexities of proposed and existing wealth taxes in California, including potential exit taxes, their implications for high-net-worth individuals, and strategies for compliance.
Giving Back and Getting Back: A Guide to Charitable Donations and Your Taxes 2024-2025
Learn how to maximize your charitable giving while minimizing your tax burden with this comprehensive guide to tax-deductible donations, including tips on record-keeping, different donation methods, and the benefits of Qualified Charitable Distributions (QCDs).
Form 1040: A Step-By-Step Guide To Gain Income Tax Return
Filing your income tax return can seem daunting, but with the right guidance, you can navigate the process smoothly. This comprehensive guide will walk you through the steps of filling out IRS Form 1040, ensuring you meet your tax obligations accurately and efficiently. Let’s get started! Key Takeaways Form 1040 is the primary form used…
Navigating Your Lump Sum Pension Payout: A Tax-Wise Guide
Retirement is a time to enjoy the fruits of your labor, not worry about Uncle Sam taking a big bite out of your pension. If you’re thinking about taking a lump sum payout from your pension plan, it’s important to understand the tax implications and how to keep more of your hard-earned money. Let’s break […]
401k To IRA Rollover: A Comprehensive Guide
At XOA TAX, we understand that managing your retirement savings can be complex, especially when transitioning between jobs or entering retirement. One common question we encounter is whether to roll over a 401(k) to an Individual Retirement Account (IRA). This guide provides a step-by-step overview of the process, key considerations, and answers to frequently asked […]
Tax Extension Deadline 2025: Don’t Miss the Date!
Tax season is here, and we know it can be a busy time. Between gathering all your documents and making sure everything is accurate, it’s easy to feel a bit overwhelmed. But don’t worry—if you need more time to file, you’re not alone! The IRS offers a tax extension that gives you until October 15, […]
Roth IRA vs. Traditional IRA: Making the Right Choice for Your Retirement in 2024
Planning for retirement is a crucial financial goal, and choosing the right Individual Retirement Account (IRA) is a key step in that process. Two popular options are the Roth IRA and the Traditional IRA. Each has its own advantages and disadvantages, and understanding these differences is essential for making an informed decision. This post provides […]
What is Roth IRA? Why You Should Give It A Thought?
Imagine turning a modest $1,700 investment into a tax-free fortune worth billions. Sounds impossible, right? But that’s exactly what Peter Thiel, the renowned venture capitalist and co-founder of PayPal, achieved using the power of a Roth IRA. In 1999, Thiel used his Roth IRA to purchase shares of PayPal at a fraction of a penny, […]
