Improving Your Tax Account Security with the IRS
The IRS encourages taxpayers to establish their own IRS individual account so they can manage their account online, and take actions such as:
- Review transcripts
- Check the status of a refund or amended return
- View tax notices
- Make payments and view payment history
- Approve 2848 requests. The form 2848 allows your tax preparer to represent you before the IRS; request information and resolve issues on your account.
- Most importantly, your IRS individual account allows you to request an IP PIN, reducing the chance of tax identity theft and fraud.
- Submit form 4547, Trump Account Election
We will be emailing clients instructions on how to set up their IRS accounts and request IP PINs over the coming year, as well as how to approve our form 2848 requests.
Crypto Staking Rewards
The tax court has held that cryptocurrency staking rewards must be included in taxable income when received, not when sold.
Your Brain Does Not Have to Slow Down
A three-year study of nearly 4,000 adults between the ages of 19 and 94 found that brain health can improve at any age, challenging the common assumption that cognitive decline is an inevitable part of getting older. Researchers found meaningful gains in mental sharpness across all age groups studied. Lifestyle factors can play a role in long-term brain health.
Taxes and financial planning are complex, but you don’t have to navigate them alone. A financial advisor can help you stay informed about tax law changes, optimize your savings and investments, and avoid costly mistakes. If you need tailored guidance, our team is here to help. Talk to an advisor or call (603) 589-8010 to integrate tax planning into your comprehensive financial strategy.
Disclaimer:
The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
Milestone Financial Planning, LLC (“Milestone”) is a fee-only financial planning firm and registered investment advisor headquartered in Bedford, NH. Registration does not imply a certain level of skill or training. Milestone works with clients on an ongoing, long-term basis, providing financial planning, tax planning, retirement planning, and investment management services. Fees are based on assets under management and may include a financial planning fee. Milestone receives no commissions or referral fees and, as a fiduciary, is required to act in clients’ best interests. Advisory services are offered only where Milestone and its representatives are properly licensed or exempt from licensure. More information, including fees and principal risks, is available in Milestone’s Form ADV Part 2A. For help with your investments or financial planning, contact one of our fee-only advisors.
