The Montane Group-CPFA

01/23/2025

Do you know your IRA Contribution Deadlines?

⚫ You have until April 15, 2025, to make a 2024 IRA contribution.

⚫ Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

⚫ To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals.

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01/21/2025

12/09/2024

Stocks were mixed during the first trading week of December. Technology stocks led, while the widely followed Dow Jones Industrial Average struggled. The tech-heavy Nasdaq Composite Index picked up 3.34 percent while the Dow...

11/19/2024

The IRS has released the 2025 tax brackets with a 2.8% inflation adjustment—the smallest increase in several years.

Here's what's changing:
➡️ Standard deduction for married couples filing jointly rises to $30,000
➡️ Single filers' standard deduction increases to $15,000
➡️ Annual tax-free gift limit grows to $19,000 per recipient
➡️ Estate tax exclusion reaches $13.99 million (up from $13.61 million)
➡️ Earned Income Tax Credit maximum increases to $8,046 for qualifying families

Understanding how tax brackets work remains crucial: you're only taxed at higher rates for income above each threshold, not your entire earnings. For example, if you're married filing jointly, you'll pay 10% on the first $23,850 of taxable income, then 12% on earnings above that amount.

Important note: Some provisions aren't changing in 2025, including the $10,000 SALT deduction cap and the $2,000 Child Tax Credit. ⚖️


Source:

The IRS has adjusted tax brackets and dozens of other provisions for inflation. Here's how that will impact your taxes.

10/29/2024

The Social Security Administration just announced a 2.5% cost-of-living adjustment for 2025.

What does this mean for beneficiaries?
1️⃣ Average monthly retirement benefits will increase by about $50.
2️⃣ This is the lowest COLA since 2021, reflecting slowing inflation.
3️⃣ Over 72.5 million Americans will see this increase in their benefits.

While this adjustment helps maintain purchasing power, it reminds us that relying solely on Social Security may not be enough for a comfortable retirement. Diversifying income sources and looking ahead remain crucial strategies.


Source:

The Social Security Administration has announced a 2.5% cost-of-living adjustment for 2025.

10/28/2024

When you don’t grow pumpkins in your garden but growing squash….





Ellen -The Montane Group

10/21/2024

Stop me if you've heard this one before–“You may care more about the outcome of the presidential election than your portfolio.” As a rule, I avoid discussing politics, but I find it important to contribute some insights as we enter...

10/21/2024

Check out this informative video on bull and bear markets to better understand how the stock market works!

Learn about the difference between bulls and bears—markets, that is!

10/21/2024

They say the one constant is change. Changes in laws, in how we do business, and even in how we live from day to day. As time passes, your needs will inevitably change. Make sure your estate plan matches the life you’re leading.