The recent wildfires in California forced thousands of families from their homes with little to no warning. If you ever find yourself in a similar situation where you need to evacuate your home with only a moment’s notice, having an escape plan mapped out ahead of time could potentially save your life, as well as some of your belongings.

Learn from the experts

Conduct a review of your situation now. Here are links to three great resources:

Install and maintain equipment

This includes smoke and carbon monoxide alarms and proper fire extinguishers all in the proper places and all in working order. Remember to test them according to the recommendations by the manufacturer and fire prevention experts. This may be monthly or even weekly. Take special note as to the date of installation, as older detectors are preset by the manufacturer to expire. When this happens you will hear an annoying beep. Your only recourse it to change out the expired equipment.

Be prepared with fire knowledge

The top causes of home fires are cooking, heating, electrical, smoking, and candles. Knowing this, you can reduce the risk of fire by creating an awareness trigger when engaging in these areas. For example:

Have an escape plan and practice it!

When a fire from within your house occurs, you have two minutes to get out. Create a plan, provide two methods of escape, and practice the plan every six months. Know where you are going to meet so everyone is accounted for after you exit. This is especially important for kids as they may need to escape without your help. Also think about overnight guests and grandkids at sleepovers. This is where reviewing plans from experts can help.

Get out. Stay out. Call for help.

Make this your mantra when in the midst of a fire emergency.

Review this I wish list.

Hindsight is 20/20, especially when it comes to fires. Here are some tips from those who have gone through it. I wish…

• I had a go bag. This is a small bag of essentials stored in your bedroom to grab if you need to leave in a hurry. It contains a change of clothes, coats, or other emergency items for the kids.
• I had a good inventory. After the fire, you are going to spend a significant amount of time with insurance adjusters. Periodically review your policy and develop an inventory of your household items. Take videos, document models and ages of major appliances, autos, other equipment, and valuables.
• I had a ‘where to go’ plan. If you cannot return to your home, where will you stay? How will you pay for it? Figure this out ahead of time.
• I had a remote backup of my computer and phone. Remote backups can be invaluable in getting you back up and running.
• I had an emergency fund. It will take a while to get your life back in order. What if you need to take time off from work? Having 6 months of emergency funds can make all the difference as you recover from a fire.

The purpose of this article is not to act as an expert in fire safety, but rather to help generate awareness in this often overlooked subject. If, however, you need expert advice with your financial and tax affairs as you navigate this or other disasters, please call for help.

The tax filing season for 2024 tax returns is now officially open per the IRS. So when is the best time to file your tax return? Sometimes it makes sense to delay filing as long as possible, but on other occasions an early filing of your return makes more sense. Here are some of the more common reasons to get your return done as soon as possible.

• To get your refund. There’s no reason to let the government hold onto your funds interest-free, so if you think a large return is coming your way, file as soon as possible. While legislation delays receiving refunds for tax returns claiming the Earned Income Tax Credit and the Additional Child Tax Credit until after February 15th, the sooner your tax return is in the queue, the sooner you will receive your refund.
• To minimize fraud risk. Once you file your tax return, the window of opportunity for tax identity thieves closes. These thieves work early during the tax filing season because your paycheck’s tax withholdings are still in the hands of the IRS. If thieves can file a tax return before you do using your Social Security number, they may be able to steal these withholdings via a refund that should have gone to you!
• To avoid a dependent dispute. One of the most common reasons an e-filed return is rejected is when you submit a dependent’s Social Security number that has already been used by someone else. If you think there is a chance an ex-spouse may do this, you should file as early as possible.
• To deliver your return to someone who needs it. If you are planning to buy a house or anticipate any other transaction that will require proof of income, you may wish to file early. This is especially important if you are self-employed. You can then make your filed tax return available to your bank or other financial institution.
• To beat the rush. As the April 15th tax filing deadline approaches, the ability to get help becomes more difficult. So get your documentation together and schedule a time to get your tax return filed as soon as you can. It can be a relief to have this annual task in the rearview mirror.

Whatever your situation, ensure your filing experience is a planned event. The closer to the filing date, the more stressful your experience could become. So plan accordingly!

The holiday season is celebrated in so many unique ways across the globe. From unusual foods to peculiar customs, each country has its own special way of celebrating. Think you know your global holiday traditions? Test your knowledge and have fun with our annual holiday quiz!

However you celebrate the holiday season, may it be filled with joy and laughter!

With the changes happening in Washington D.C., there is now some uncertainty about what tax policies we may see in 2025 and beyond. During this time of uncertainty, it is challenging to create a workable tax plan. But not to fear. There are several things that we DO know about tax changes to start 2025. Here are the key highlights as they are currently known.

What we DO know

• Tax brackets and rates. The seven tax rates remain unchanged while the income subject to each rate got a slight bump. After a 5.4 percent increase in 2024, there’s an additional 2.8 percent increase in income subject to each tax rate in 2025. This means more of your income will be subject to a lower tax rate.
• Higher retirement plan limits. The amount you can contribute to a 401(k) in 2025 is $23,500, up from $23,000 in 2024. The 401(k) catch-up contribution limit in 2025 stays at $7,500 if you’re age 50 to 59, and age 64+. New in 2025, if you are ages 60 to 63, the catch-up contribution limit increases to $11,250. The annual contribution threshold for IRAs remains at $7,000, as does the IRA catch-up contribution limit of $1,000.
• New cryptocurrency reporting rules. New reporting rules in effect as of January 1, 2025 means you’ll need to be more vigilant with tracking your cryptocurrency transactions and complying with the IRS’s digital asset rules. Brokers of digital assets, including cryptocurrency exchanges, custodial services, and certain payment processors, must report sales and exchanges of digital assets to the IRS starting in 2025. Your digital asset transactions will be summarized annually on a new Form 1099-DA. This new reporting of digital asset transactions will be similar to existing reporting for traditional securities such as stocks and bonds.

Changes on the horizon

• The 1099-K reporting threshold. If you use third party payment processors like Venmo or sell tickets on apps like SeatGeek, you’re more likely to receive a tax form of your activity that will also be sent to the IRS. The limit requiring your activity to be reported was $5,000 in 2024. In 2025, this threshold is scheduled to be lowered to $2,500, and further lowered in 2026 to $600.
• Uncertainty over TCJA provisions. There has been discussion about extending and/or making permanent many of the provisions contained in the Tax Cuts and Jobs Act (TCJA) of 2017. Most of the provisions are scheduled to expire at the end of 2025, so we will pay attention to any legislation forthcoming that could change any of this tax landscape.
• Proposed decrease in corporate tax rates. There is also discussion about lowering the corporate tax rate from its current level of 21%, in addition to lowering the effective corporate tax rate from 21% to 15% for domestic manufacturers.

Stay tuned for continuing updates of any tax changes as events unfold in 2025.