Let’s review a few basics to help protect your accounts and identity from scammers and thieves. 1. Freeze your credit reports. A credit freeze prevents unauthorized access to sensitive data in your credit files. To freeze your credit, you must contact each credit bureau individually. Innovis is a relative newcomer to credit reporting, so you may never be asked to lift its freeze. When granting a company access to a report, utilize the “temporary lift” feature, which unfreezes the requested report for only a few days before automatically refreezing it. The links below will help you navigate to ..read more

  2024 2023 2022 2021 2020 RETIREMENT PLANS      Elective Deferrals 401(k), 403(b), etc $23,000 $22,500 $20,500 $19,500 $19,500 with over-50 catch-up $30,500 $30,000 $27,000 $26,000 $26,000 Defined Contribution Limits $68,000 $66,000 $61,000 $58,000 $57,000 with over-50 catch-up $75,500 $73,500 $67,500 $64,500 $63,500 IRAs      IRA & Roth Contribution Limit $7,000 $6,500 $6,000 $6,000 $6,000 with over-50 catch-up $8000 $7,500 $7,000 $7,000 $7,000 SEP      SEP Maximum Contribution $69,000 $66,000 $61,000 $58,000 $57,000 with over-50 ..read more

Starting in 2024, a new opportunity emerges for families of college graduates with leftover funds in their 529 plans. New rules that emerged from Secure Act 2.0 pave the way for converting up to $35,000 in unused 529 plan assets to a Roth IRA, provided the following conditions are met: Conditions for Conversion: The 529 plan must have been in existence for 15 years. Funds need to reside in the 529 for five years before any transfer. Transfers must be directed to an IRA for the same beneficiary as the 529. Conversion Limitations: The 529 to Roth IRA conversion limit aligns with the annual Ro ..read more

SECURE 2.0 expands the horizons of Roth savings and creates new restrictions for high earners. Earnings Test for Catch-Up Contributions: SECURE 2.0 brings a significant shift in the retirement savings landscape. All catch-up contributions for employees earning over $145,000 (indexed for inflation) must now flow into the Roth side of their plan. Roth Options for Small Business Plans: Starting in 2023, SIMPLE and SEP IRAs now come in both traditional and Roth versions, providing enhanced tax planning flexibility. Matching with Roth Dollars: In 2024, larger employers can now match 401(k) and 403 ..read more

In a landmark move this week, Massachusetts ushered in the first substantial estate tax law changes in 20 years. “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” signed by the Governor, increased the threshold for Massachusetts residents subject to the estate tax from $1,000,000 to $2,000,000. Crucially, this alteration means that individuals passing away as residents of Massachusetts will only be subject to the estate tax if their individual assets exceed the elevated $2,000,000 threshold. The tax will no longer apply to the entirety of the estate but solely t ..read more

HIPAA Authorization Once your child turns 18, their health information can no longer be released to you or anyone under the Health Insurance Portability and Accountability Act (HIPAA). This is where the HIPAA Authorization comes in. This document allows your child’s medical team to provide information to the individuals named in the document. Imagine a situation in which your child was in an accident while away at college. Without HIPAA Authorization, the information the doctors could provide you would be extremely limited, and you would have no access to their medical records. A HIPAA Authori ..read more

Cyber security and data protection are something that we take very seriously at Boston Standard.  We retain a firm that monitors our systems 24/7 and works continually to ensure our cyber security systems remain up-to-date.  While we work hard to keep client information safe on our end, it’s equally important that our clients do the same from theirs.  Below is a list of best practices we recommend all our clients implement.  While it’s not exhaustive, these should provide a solid foundation to protect your personal and financial information:  We strongly recommen ..read more

The IRS announced fairly large increases to the plan contribution limits for next year:   2023 2022 2021 2020 RETIREMENT PLANS   Elective Deferrals 401(k), 403(b), etc $22,500 $20,500 $19,500 $19,500 with over-50 catch-up $30,000 $27,000 $26,000 $26,000 Defined Contribution Limits $66,000 $61,000 $58,000 $57,000 with over-50 catch-up $73,500 $67,500 $64,500 $63,500 IRAs   IRA & Roth Contribution Limit $6,500 $6,000 $6,000 $6,000 with over-50 catch-up $7,500 $7,000 $7,000 $7,000 SEP   SEP Maximum Contribution $66,000 $61,000 $58,000 $57,00 ..read more

Massachusetts law requires that when tax revenue collections in a given fiscal year exceed an annual tax revenue cap, the excess revenue is returned to taxpayers. The result: between early November and mid-December of this year, taxpayers will receive a refund check (or direct deposit) from the Massachusetts Department of Revenue labeled “MASTTAXRFD.” Your refund will equal 14.0312% of the personal income tax paid to the state in 2021. Learn more and estimate the refund you can expect using the state-provided calculator found here: https://www.mass.gov/info-details/chapter-62f-taxpayer-refunds ..read more

What Are I Bonds I bonds are low-risk savings bonds issued by the U.S. Treasury that adjust for inflation. The “I” stands for “inflation.” I bonds earn interest for 30 years or until you cash them out. Like other Treasury bonds, they are tax-free at state and local levels. Unlike other bonds, there is no secondary market for savings bonds, so they do not experience the same price volatility. Due to the recent inflation spikes, I Bond interest is currently over 8%. Not bad for low-risk, government-backed securities! Limits Purchase limits: $10,000 per person, per year. These limits are imposed ..read more