Should You Take the Standard Deduction or Itemize?
Learn how to decide between the standard deduction and itemizing to minimize your tax bill this year.
529 Plans: A Smart Investment in Your Future? (Tax Year 2024)
Learn about the advantages and disadvantages of 529 plans for saving for college and other qualified education expenses, including new 2024 tax implications and Roth IRA rollover options.
Tax-Efficient Investing: A Beginner’s Guide
Learn how to minimize your tax liability and maximize your investment returns with this beginner’s guide to tax-efficient investing strategies, covering tax-advantaged accounts, asset location, and state tax considerations.
Missed Tax Deadline? Don’t Panic! Here’s What To Do
It happens to the best of us. Life gets busy, deadlines sneak up, and suddenly you realize you’ve missed a crucial tax deadline. Whether it’s filing your income tax return, paying estimated taxes, or submitting a form, missing a deadline can be stressful. But don’t panic! The IRS has procedures in place to help you […]
Needs vs. Wants: Mastering the Art of Prioritization
Ever felt like your money disappears faster than you can earn it? Like you’re constantly juggling bills and expenses, with little left over for the things you truly enjoy? We’ve all been there! Understanding the difference between needs and wants is the first step towards taking control of your finances and building a brighter future. […]
How to Avoid Costly Tax Penalties: A Guide for Taxpayers
Hi everyone! It’s your friends at XOA TAX, here to help you navigate the world of taxes. We know that tax season can be a bit stressful, especially when you’re worried about making mistakes that could lead to penalties. But don’t worry, we’re here to guide you! In this blog post, we’ll break down some […]
IRA Tax Withholding Guide: Managing RMDs & Avoiding Penalties
Learn how to navigate IRA tax withholding complexities, manage RMDs effectively, and avoid penalties when your IRA custodian’s guidance is unclear, using this comprehensive guide from XOA TAX.
Understanding Your RMDs: How to Ensure You’re Withholding the Right Amount for Taxes
Learn how to accurately calculate and manage your Required Minimum Distributions (RMDs) to avoid costly IRS penalties and optimize your retirement income.
Deferring Capital Gains Tax with Equity Rollovers: A Comprehensive Guide
Imagine this: You’ve built a successful business, and now you’re considering selling. Congratulations! That’s a huge achievement. But with a potential sale comes the looming reality of capital gains taxes. Fortunately, there are strategies to help minimize your tax burden, and one such strategy is the equity rollover. At XOA TAX, we often help clients […]
Tax Gain Harvesting 101: Boost Your Cost Basis Without Triggering Taxes
Learn how tax gain harvesting allows you to strategically sell appreciated assets and immediately repurchase them, resetting your cost basis to minimize future tax liabilities.
