The Journey Finance

The IRS just announced major tax relief for those affected by Hurricane Helene. If you're in Alabama, Georgia, North Carolina, South Carolina, or parts of Florida, Tennessee, or Virginia, you now have until May 1, 2025, to: 🔹 File your 2024 individual and business returns 🔹 Submit 2023 returns with valid extensions 🔹 Make quarterly estimated tax payments Important note: This relief is automatic if your address is in the affected area. If you've recently moved to these regions, you may need to contact the IRS directly at 866-562-5227. Plus, those with uninsured losses from the hurricane can choose whether to claim them on their 2023 or 2024 returns—giving you flexibility when you need it most. #TaxRelief #HurricaneHelene #IRSUpdate #TaxDeadlines https://lnkd.in/gkDttDVz

Just read about a pretty good iPhone hack, so I thought I’d share! Have you ever wanted to take a picture but missed it trying to open your camera? Or wanted to take a quick screenshot and struggled to push the buttons on both sides simultaneously? Did you know you can set it up so that you can make either of these happen just by tapping the back of your phone? 🤯 Here's the scoop on "Back Tap": ⚡️ Quick Setup: Settings > Accessibility > Touch > Back Tap You’ll see two choices: “Double Tap” and “Triple Tap.” Each lets you tell your phone to do something when you tap its back twice or three times. 🎯 Cool uses: ✅ Take a quick screenshot ✅ Use your camera quickly ✅ Mute ringer instantly ✅ Turn on the flashlight 🤔 What would you use Back Tap for? Share your ideas below! #iPhoneTips #ProductivityTricks

Your chance of an IRS audit may not be that high. It pays to know what may trigger one. #IRSaudit

Have You Heard of the "Mega Backdoor Roth"? 📊 How it works: Make after-tax contributions to your 401(k) Convert those contributions to a Roth IRA or Roth 401(k) 2024 Limits: Standard 401(k) limit: $23,000 ($30,500 if 50+) Mega Backdoor potential: Up to $69,000 total ($76,500 if 50+) 🔑 Key Points: ✅ Bypasses Roth IRA income limits ✅ Allows for tax-free growth ✅ Not all 401(k) plans offer this choice ⚠️ Important considerations: Tax implications of conversions Impact on employer matching Your overall financial goals Current vs. future tax rates This post is not a replacement for real-life advice. Your tax professionals can help you learn more about the tax implications of a mega backdoor Roth. 🔍 Is it right for you? Check if your plan allows: After-tax contributions In-service distributions or in-plan Roth conversions ✅ Once you turn 73, you must take the required minimum distribution from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½. ✅ With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances. The original Roth IRA owner is not required to take minimum annual withdrawals. With a Roth 401(k), employer matching with pre-tax dollars is not distributed tax-free during retirement. If you’d like to learn more about Backdoor Roth IRAs or discuss your retirement strategy, feel free to message us. #RetirementStrategy #MegaBackdoorRoth #PersonalFinance

Over age 50? You may be able to catch-up on retirement. https://lnkd.in/gEVPEbPb

Does the 4% rule still work? The answer lies in your goals, time horizon and risk tolerance.

These 6 things might make your next return a prime target for an IRS audit. #taxes #IRS #audit

🔌 Does an electric car always save you money? We've heard from more clients asking about electric vehicles (EVs). So, we thought we’d share some of the pros and cons of EVs that you might not be familiar with: Pros: ➕ You may be eligible for a clean vehicle tax credit of up to $7,500 on a new car. But this incentive can change without notice, so you’ll want to consult your tax, legal, or accounting professional. 🔧 EVs have fewer moving parts, which can mean less maintenance. No more 3,000-mile oil changes! ⚡ Driving an EV costs only 3–5 cents per mile, compared to about 15 cents for gas cars. EVLife in April 2024 explained that that’s 3–4 times cheaper! Cons: 🏠 Home charging installation costs can vary widely: $300–$600 for essential equipment and over $4,000 for complex setups, according to 2023 research from Capital One. 🚗 Insurance alert: EV premiums can be higher. Policy prices depend on a wide range of factors, including the specific model. ⚡ Finding an open EV charging port may be challenging, depending on where you live and drive. Hope this was helpful! We help clients explore these types of decisions and integrate them into an overall financial strategy. Feel free to message! #ElectricVehicles #FinancialStrategy #EVOwnership