Lower taxable income while supporting favorite causes. Deanne Rosso and Rob Fezekas of Elevate Wealth Advisory explain Qualified Charitable Distributions (QCDs) from Traditional IRAs: age rules, eligible accounts, direct-to-charity requirements, annual limits, and how QCDs can satisfy Required Minimum Distributions (RMDs) without increasing taxable income.Key points:-QCD eligibility (age 70½+), account types, and annual limits-Why “direct to charity” matters (no DAFs)-Coordinating QCDs with RMDs, Medicare brackets, and Social Security taxationWant a tax-aware giving plan? elevate-wealth.com → “Let’s Talk.”#AthensGA #AthensWealthAdvisor #FinancialPlannerAthens #QCD #RMD #RetirementIncome #TaxPlanning #WealthManagement #IRA #CharitableGiving #GeorgiaRetirement

What is a Donor-Advised Fund (DAF) and when does it make sense? Elevate Wealth Advisory's Deanne Rosso and Rob Fezekas cover DAF basics, funding options, how grants work, and why “bundling” several years of giving into one tax year can help more households clear the itemizing hurdle while maintaining flexible giving over time.You’ll take away:-DAF structure: fund now, grant later-Which assets are eligible (cash, stock, more)-Using a DAF for “bundling” strategiesExplore a DAF or a personalized giving plan: elevate-wealth.com → “Let’s Talk.”#AthensGA #AthensWealthAdvisor #AthensFinancialPlanner #DonorAdvisedFund #DAF #CharitablePlanning #TaxStrategy #WealthManagement #OconeeCounty #GeorgiaFinance

Can charitable gifts be deducted—and how do you maximize the benefit? Elevate Wealth Advisory's Deanne Rosso and Rob Fezekas explain the itemizing hurdle, how the higher standard deduction interacts with OBBBA’s SALT cap change, and a powerful strategy: donating appreciated assets to avoid capital gains while potentially deducting fair market value.Highlights:-When itemizing beats the standard deduction-Donating appreciated stock/ETFs/real estate: how it works-Record-keeping essentials for tax timeTalk through your gifting strategy: elevate-wealth.com → “Let’s Talk.”#AthensGA #AthensWealthAdvisor #AthensFinancialPlanner #InvestmentPlanner #TaxEfficientGiving #AppreciatedAssets #CharitableDonations #WealthManagement #FinancialPlanning #GeorgiaTaxes #OBBBA

How will the One Big Beautiful Bill Act (OBBBA) affect charitable giving in 2025 and 2026? Elevate Wealth Advisory’s CEO Deanne Rosso and Director of Investment Policy Rob Fezekas break down what matters: the temporary increase to the SALT cap for 2025 and new rules arriving in 2026 (including a limited deduction for non-itemizers and a 0.5% AGI floor for itemizers). Learn what to track this year, what to save, and how timing could influence deductions.What you’ll learn:-2025 SALT cap change and why more households may itemize-What’s changing in 2026 for non-itemizers and itemizers-Practical tips for record-keeping and timing giftsNeed help aligning giving with your plan? Visit elevate-wealth.com and click “Let’s Talk.”#AthensGA #AthensWealthAdvisor #AthensFinancialPlanner #InvestmentAdvisorAthens #OconeeCounty #CharitableGiving #TaxPlanning #SALTCap #OBBBA #WealthManagement #RetirementPlanning #FeeOnlyPlanner #GeorgiaFinance

Before December 31, it’s important to review your retirement contributions to maximize tax savings. In this episode of Elevate Wealth, Deanne Rosso and Ben Hall discuss strategies for making the most of your 401(k), IRA, and other accounts.

You’ll learn:

✅ 2025 contribution limits for 401(k)s and IRAs

✅ Catch-up contributions for those age 50+

✅ How to maximize employer matching opportunities

Should I change my contributions or make an additional contribution to my 401k, IRA, or other retirement plan before year end? We'll answer that today on Elevate Wealth. Welcome to this week's episode of Elevate Wealth. I'm Deanne Rosso, your host and president and CEO of Elevate Wealth Advisory. And if you can believe it, we're just two months away from the start of 2026. And so, we are working through our year-end planning checklist. And today I'm joined by our director of tax services, Ben Hall. Welcome, Ben. Thanks, Deanne. So, Ben, how important is it to change your contributions before the end of the year or to think about making additional contributions to your retirement accounts before year end? Yeah, Deanne, it can be very important to do that by the end of the year. It's generally a good idea to make these types of contributions by the end of the year because they can lower your taxable income quite a bit. Okay. For example, if you have a 401k that you're a participant of, you can contribute up to $23,500 for the year. So, you haven't met that that maximum yet. It's a good opportunity to try to try to increase your contribution if you can. Additionally, if you're over the age of 50, you can make an additional contribution of $7,500. So, it's really a lot of money that can help lower your taxable income for the year. And one thing to note is if your employer matches any of your contributions to your 401k, you always want to make sure that you contribute at least that amount, because you never want to pass up on free money. Absolutely. So if we're approaching the end of the year, we've got some wiggle room in our cash flow and we can make some additional contributions, that might help us on our tax bill. That's right. And another good option is a traditional IRA. Okay. For 2025, you can contribute up to $7,000 to your IRA, or if you're over 50 years old, you can contribute up to $8,000. So that's another way to decrease your taxable income for the year. Now, the IRA does have income phase out. So if you're in a higher income bracket, you may not be able to contribute the whole amount, but it's still worth considering as a way to lower your taxable income for the year. Absolutely. So, what about deadlines? Do I have to do this before the end of the year? With an IRA, it's a little different. You actually have until April 15th of the following year. So, if you miss the end of the year deadline, you've got a little bit of extra time with that one. So for 2025, you'll have until April 15 of 2026 to make a contribution. Great. So, even if I miss that window window of opportunity before the end of the year, if I want to maybe, you know, early in the winter, I see that, well, I could have made that contribution. It could have decreased my tax bill. I've got until April 15th to actually make that IRA contribution and help lower my tax bill. That's exactly right. And you know, everyone's situation is a little bit different, and they can be very complicated, but I think our team of advisers here at Elevate are well equipped to help clients make these types of decisions. Absolutely. So, well, thank you, Ben, for joining me today. And the countdown to year end is on, and so if you have questions about how you can help your tax situation before the end of the year, we're here to help. Visit us at elevate-wealth.com and click "let's talk." We'll see you next time.

#RetirementPlanning #YearEndPlanning #FinancialPlanning #TaxSavings #ElevateWealthAdvisory #AthensGA #WealthManagement #401kTips #IRAPlanning

Is a Roth IRA conversion the right move for you this year? In this episode of Elevate Wealth, Deanne Rosso and Ben Hall explain when a Roth conversion can make sense — and when it might not.

You’ll learn:

✅ When a Roth conversion is beneficial

✅ How tax brackets affect your decision

✅ Strategies to minimize taxes and maximize growth

Want help understanding the right time to do a ROTH IRA conversion? Visit elevate-wealth.com and click “Let’s Talk.”

🔗 Website: https://elevate-wealth.com

🔗 Facebook: / elevatewealthadvisory

🔗 Instagram: / elevatewealthadvisory

Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!

Should I do a Roth conversion before year end? And how do I know if it makes sense for my tax situation? These answers and more today on Elevate Wealth. Welcome back. I'm Deanne Rosso with Elevate Wealth Advisory, and I'm joined today by Ben Hall, our director of tax services. Welcome, Ben. Thanks, Deanne. So, Ben, today two-part question. Hope you're ready for it. First, should I do a Roth conversion before year end? That's a great question, Deanne. And the answer really depends on your current tax situation, because when you do a Roth conversion, you're pulling money out of a tax-deferred account. So you're going to have to pay taxes on that when you do that. And so the advantage of doing that, though, is that you're now going to have those assets in an account that can grow tax-free indefinitely. So it can be a very beneficial move if done correctly. Right. So moving the assets from that tax deferred bucket over to that tax-free bucket and when sometimes we use our illustration of our tax buckets. Right. Right. Okay. Great. Okay. So, part two of the question, does a Roth conversion make sense for my tax situation? It can be a good thing to do for your situation. It depends on if your marginal tax bracket is low this year. If you're in a relatively low marginal tax bracket, it can be a good year to do a Roth conversion. But if you're in a high tax bracket, you may want to wait until later on to do something like that. If you're in a transitional period, which can be the time from when you retire to when the time is you have to start taking required distributions. A lot of times we'll see clients do Roth conversion during those years because you're typically in a lower tax bracket during that time. So that can be a good time to do this. So ideally, you want to do a Roth conversion when you're in a lower tax rate now than you think you'll experience later on. Yeah, that's right. The whole idea is to really just be aware of your tax bracket, your current tax bracket, as well as your projected future tax brackets and just kind of use that as a guide and plan out how and when you want to take your Roth conversions. Gotcha. And we call the transitional period that you were speaking of. We call that transition in a retiree's life phase, if you will, because of the flexibility you can potentially have in your tax brackets during that time. That's right. So, like Ben said, everyone's tax situation is different. And if you need a customized plan for your tax situation, that's why we're here to help. Visit us at elevate-wealth.com and click "let's talk." Thank you for joining me today, Ben. And we hope to help you guys during your transition phase or whatever phase of retirement you may be looking forward to or walking through. Thanks so much for watching and listening. We'll see you next time.

#RothIRA #RothConversion #RetirementPlanning #TaxPlanning #FinancialPlanning #ElevateWealthAdvisory #AthensGA #WealthManagement

If you’re 73 or older, you may be required to take a Required Minimum Distribution (RMD) before December 31. In this episode of Elevate Wealth, Deanne Rosso and Ben Hall explain what you need to know about deadlines, penalties, and planning strategies.

You’ll learn:

✅ Who must take an RMD in 2025

✅ Exceptions for first-year RMDs

✅ How to avoid penalties and minimize taxes

Need help understanding your RMD requrements? Visit elevate-wealth.com and click “Let’s Talk.”

🔗 Website: https://elevate-wealth.com

🔗 Facebook: / elevatewealthadvisory

🔗 Instagram: / elevatewealthadvisory

Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!

Do I need to take my Required Minimum Distribution before year end? The answer today on Elevate Wealth. Hey there, I'm Deanne Rosso with Elevate Wealth Advisory, and the end of the year is upon us again, and there are certain things we need to think about before December 31st. And so with me today, I have Ben Hall, our director of tax services. Welcome, Ben. Thanks, Deanne. So, Ben, is taking your Required Minimum Distribution one of those things to add to your year-end to-do list? Yeah, it actually is one of those things you want to add to your year-end to-do list, especially if you're required to take them. As we know, there are certain tax-deferred retirement accounts that people participate in, which allow you to invest and contribute to over a long number of years, but at a certain point, they're going to require you to start taking money out of those accounts. So, when you do that, you're going to have to pay taxes on it. If you're 73 years of age or older right now and you have one of those retirement accounts, you're going to be required to take your rRequired Minimum Distribution. So very important to get those in if you're required to. And some of those accounts that we're talking about include things like 401ks, traditional IRAS and 403bs. Right. So the IRS has given us this gift of tax deferral for a long period of years, generally until we're age 73, approximately. And then that's when they want us to start paying back some of those taxes they've let us defer. That's right. 73 is the magic number. Once you hit that age, you're going to be required to start taking some of that money out. And one exception is when you do turn 73. If you're turning 73 in this current year, you actually have until April 1st to make that first distribution. So you have a little bit of extra time. But you'll want to be cautious there because what'll end up happening is you'll end up with two distributions in 2026. So you want to pay attention to what tax bracket you're in because you could potentially push yourself into that higher tax bracket, which you probably don't want to do. So just be aware of that and maybe it's best to take it by the end of this current year. Okay. So, if I turn 73 this year, then I could take the RMD this year. I probably should. Or if I happen to miss it, I have an extension of time until April 1st of next year to take my first Required Minimum Distribution. That's right. And one thing I'll note is you do want to make sure you don't miss your deadline because there is a penalty involved if you do miss the deadline of up to 25% of the amount that you're supposed to take. So, very important to hit that deadline. That's a pretty hefty penalty. It is. Okay. So, we want to make sure that we take our Required Minimum Distributions, RMDs, when we're supposed to on time so we can avoid any up to a 25% penalty. Right. That's right. Awesome. Well, taking your Required Minimum Distribution is just one of those things to check off your year-end to-do list. And if you have questions about your RMDs, or anything else related to your retirement accounts, feel free to reach out to us. You can visit us at elevate-wealth.com and click "let's talk."

Are you taking advantage of all the new tax deductions before year-end? In this episode of Elevate Wealth, Deanne Rosso and Ben Hall discuss opportunities to lower your 2025 taxable income.

You’ll learn:

✅ No tax on tips and overtime up to set limits

✅ Auto loan interest deductions for qualifying vehicles

✅ Bonus deductions for seniors age 65+Don’t leave tax savings on the table this year.

Are there any new tax deductions I can take advantage of before December 31st? We'll learn about that today on Elevate Wealth. Welcome back. I'm Deane Rosso, president and CEO of Elevate Wealth Advisory. And the end of the year will be here before we know it. And there's a lot to think about in the meantime, particularly some tax deductions and things like that, that we might be able to take advantage of before the end of the year. So, here with me today is Ben Hall, who is a CPA and also our very own in-house director of tax services at Elevate Wealth. Welcome, Ben. Thanks, Deanne. Sure. So, it's an interesting question and a very important one. What new tax deductions can we take advantage of before the end of the year, December 31st, 2025? Right. So, the One Big Beautiful Bill did introduce a lot of new tax deductions. A lot of them come with their own income phase-outs and limitations, so you'll want to be aware of that, as well. But some of the more popular ones you may have heard about are things such as no tax on tips. So, for example, if you work in an industry where you earn a lot of tip income, you're going to be able to deduct a lot of that on your tax return this year. Up to $25,000 you can deduct on tip income. That's great. It is. And then another one that's similar is no tax on overtime pay. Awesome. If you get a lot of overtime income, you can also deduct up to $25,000 on your tax return of overtime pay. That's great. Another interesting one is auto loan interest. Okay, so this is a new one where you can now deduct up to $10,000 of auto loan interest. There's a few qualifications. It has to be a new car. It has to be assembled in the U.S., and it has to be purchased sometime after 2024, but if you meet that criteria, you can take up to $10,000 of auto loan interest as a deduction on your tax return. Okay. Maybe that'd help with buying that new car. Absolutely. Okay. And one more big one I'll mention is the new senior deduction that's now in place. So, we've heard a lot about this one, and what it is is if you're a senior age 65 or older, you can now take an additional deduction in addition to your standard deduction of $6,000 on your tax return. And if you're married filing jointly, you can double that to $12,000. So, it can really help out. That's a nice hefty deduction for our seniors. That's fantastic. So, no tax on tips or overtime pay up to those certain amounts, which should certainly help some families out. Also, the auto loan interest deduction. If you're in the market for a new car, it's a great time to maybe finance one and get that tax deduction. And this, in my mind, the senior deduction is so great because the One Big Beautiful Bill didn't do away with tax on Social Security. A lot of people think that it did, but having that nice sizable additional standard deduction for seniors is sure to help mitigate some of that Social Security tax, as well. Yeah, that's exactly right. That's great. Well, Ben, thank you for joining me today. And you know, we know you all out there have lots of questions about the oOne Big Beautiful Bill and how that impacts your tax situation, and that's why we're here. Visit us at elevate-wealth.com and click "let's talk." And we'd be happy to answer any questions that you may have about your tax situation before the end of 2025. Take care and we'll see you next time.