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https://preservewm.com
We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.
** Your Money
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Roth conversions are gaining popularity among retirees, offering a strategy to stretch retirement savings. By shifting funds from traditional retirement accounts to Roth IRAs, retirees may be able to pay taxes upfront at lower rates and allow the money to grow tax-free, avoiding higher future taxes and required minimum distributions (RMDs).
Recent tax cuts, potentially extended, make conversions more attractive, particularly for retirees in lower tax brackets. This approach can reduce taxable income, mitigate Medicare premium surcharges, and leave more tax-free wealth for heirs. Planning involves strategically balancing income, tax brackets, and conversion amounts.
Thoughtful tax planning must include forward-looking retirement distribution strategies. It's what we do at PWM and we're here to help.
The Move That Adds Years to a Nest Egg (https://www.wsj.com/personal-finance/taxes/for-retirees-in-their-60s-the-move-that-adds-years-to-a-nest-egg-199e467e?st=PjgQdD&reflink=desktopwebshare_permalink)
by Anne Tergesen
** Your Life
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Do you have to pay taxes on Venmo, Cash App, or PayPal transactions? For most people, how they use the app will be the determining factor. “In short, if you received business income through an app, then report it to the IRS, but taxpayers shouldn’t expect a 1099-K if a friend reimbursed them for dinner or even $2,000 for a Taylor Swift ticket last summer,” a tax attorney Adam Brewer, of AB Tax Law, told Nexstar. However, the answer is a bit more complicated for the many small business owners and side hustlers who use payment apps as part of their livelihood. Some payment app users were bracing for the IRS to roll out new rules mandating that sales of goods or services over $600 must be reported to the Internal Revenue Service using Form 1099-K. Then, in late 2023, the IRS announced that the $600 rule would be delayed, leaving the old threshold of at least 200 transactions worth more than $20,000 when taxpayers file in 2024. The IRS said the move was made to reduce confusion. At the state
level, reporting thresholds can be substantially lower. For the tax year 2024, the IRS will transition to a threshold of $5,000 with the $600 limit going into effect the following year, meaning that business transactions that surpass $600 will trigger the 1099-K form, which Venmo, Paypal, Cash App, and others will create. Unfortunately, paying taxes on payment app business income isn’t tied solely to the 1099-K form.
“If you receive business income through Venmo or Cash App, then you always have a requirement to report that income whether you receive a Form 1099-K or not,” Brewer said.
Do I have to pay taxes on my Venmo, Cash App or PayPal transactions? (https://thehill.com/homenews/4481302-do-i-have-to-pay-taxes-on-my-venmo-cash-app-or-paypal-transactions/)
by Jeremy Tanner
https://www.linkedin.com/in/danheth/
https://www.linkedin.com/in/rosalynn-harvey-heth-mpa-ceps-3a3aa3191/
** Complexity Simplified
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Two easy calculations to convert Celsius to Fahrenheit:
* Quick way - Double the Celsius number, then add 30.
* Accurate way - Divide the Celsius number by 5, then multiply by 9, then add 32.
Remember that the freezing point is 32 degrees Fahrenheit or 0 degrees Celsius, so listen to your mother when she says you need to wear a coat outside.
** Trivia
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A: Yellow
Q: Which chess piece can only move diagonally?
https://youtu.be/cgOvpIK_kSA?si=WEuwcHqsbDCLH2XC
** Back in 1977, this song reached #1
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