JEG Advisors

06/19/2025

Attention! Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can "certify" unpaid federal tax debts over $64,000 to the U.S. State Department, which can then deny or revoke your passport. This means no new passport applications or renewals until your tax issues are resolved. If you're overseas, you might only get a limited-validity passport to return to the U.S. What's unpaid federal tax debt? It includes individual income taxes, trust fund recovery penalties, business taxes for which taxpayers are personally liable and other civil penalties. Questions? Contact us at (915) 209-2950.

06/18/2025

A levy is one way the IRS collects taxes that aren't paid voluntarily. It involves the IRS legally seizing money or assets to satisfy a tax debt. A levy could include a person's wages, bank accounts, Social Security benefits and retirement income. The IRS may also levy and sell assets such as a car, boat or real estate. In addition, if a person has an outstanding tax liability, the IRS will take any unpaid federal tax refunds to offset the amount owed. Any state income tax refund due may also be levied, and the proceeds applied to a tax liability. Contact us with questions at (915) 209-2950.

06/17/2025

Want to pay less in taxes and grow your savings? Tax-advantaged accounts like IRAs, HSAs, and 529 plans make it possible. Learn how to use them to your advantage! https://bit.ly/4jYBH2h

📞:(915) 209-2950

Tax-advantaged accounts are powerful tools for growing your savings while reducing your tax burden. These accounts are designed to encourage saving for specific purposes, such as retirement, healthcare, or education, by offering tax benefits. Understanding how these accounts work and choosing the ri...

06/16/2025

It’s always important to review your estate plan after creating it, but how often should you do it? It’s best to adjust your estate plan after every significant life event, including marriage, divorce, birth or adoption of a child, death of a beneficiary, or significant changes to your financial status. Review your plan every five years as well. You've come to the right place if you need help with your estate plan - schedule an appointment with us today at (915) 209-2950!

06/12/2025

Suppose you have a spouse with past-due child support or debts to federal or state tax agencies. You file a joint tax return, and the refund is seized or reduced due to your spouse's debts. But what if you aren't responsible for the debts? You may be eligible for "injured spouse" relief. (This differs from "innocent spouse" relief, which may be provided if one spouse understates taxes due on a joint tax return and the other spouse didn't know about the errors.) There are processes to follow for injured spouse relief that we can help with. Contact us at (915) 209-2950.

06/11/2025

For those age 50 or older, a great way to make up for not having saved enough for retirement in the past (or to simply maximize your tax-advantaged nest egg) is to make “catch-up” contributions to a 401(k), 403(b), 457 plan, SIMPLE or IRA. New starting in 2025, if you’re age 60 to 63, you can boost your 401(k) or other employer-sponsored retirement plan contribution even more: up to 150% of the regular catch-up limit. For 2025, this means a catch-up contribution of $11,250 ($5,250 for SIMPLEs). Want to make the most of tax-advantaged retirement savings opportunities? Let’s talk! (915) 209-2950

06/10/2025

Effective bookkeeping isn't just about tracking expenses, it's key to business growth! From smarter decisions to easier tax time and stronger cash flow, good records keep your business on track. https://bit.ly/4k92qt2

📞:(915) 209-2950

As a business owner, managing your finances effectively is one of the most important aspects of running a successful operation. Bookkeeping, the process of recording and organizing financial transactions, provides the foundation for making informed decisions, maintaining compliance, and planning for...

06/09/2025

Estate planning is an ongoing process that requires regular reviews and revisions to ensure it meets your goals. Family changes like marriages, divorces, births, adoptions and deaths, as well as significant health changes, warrant a review. Increased income or net worth may necessitate new wealth protection strategies. Moving to a new state or changes in tax laws can also impact your plan. Contact us at (915) 209-2950 for help achieving your estate planning goals! Ensuring your estate plan stays aligned with your goals means regular reviews and adjustments. Family events, health changes, financial growth, or even relocation can impact your plan. Stay proactive and let us help you achieve your estate planning goals! Contact us at (915) 209-2950 for expert guidance.

06/05/2025

The GST tax is a key consideration for estate planning, especially for large estates. With a generous exemption of $13.99 million in 2025, many taxpayers may not be affected. However, for those with substantial wealth, strategic allocation of the GST tax exemption to a dynasty trust can help assets bypass multiple generations of taxation. Contact us at (915) 209-2950 to explore your options.

06/04/2025

Looking to support a charitable cause while also securing your retirement income? A Charitable Remainder Trust (CRT) could be the perfect solution! By setting up a CRT, you can enjoy an income stream, tax benefits, and reduce your taxable estate size. Diversify your portfolio by selling non-income-producing assets tax-free and reinvesting the proceeds. Contact us at (915) 209-2950 to learn more about how a CRT can benefit you!

06/03/2025

Planning your legacy? CPAs are essential partners in estate planning and ex*****on. From tax optimization to asset distribution, we ensure your wishes are honored with precision. https://bit.ly/4ke6KHt

📞:(915) 209-2950

Estate planning can feel like an overwhelming process, but it's a crucial step to ensure that your financial legacy is protected and distributed according to your wishes. Certified Public Accountants (CPAs) play an integral role in this process. With their financial expertise and strategic planning....

06/02/2025

It’s alright to feel overwhelmed with the idea of dividing everything you own between your loved ones; we’re here to make this process as easy as possible. Before your first consultation with us, use this guide to figure out what assets you want to prioritize, your loved ones' needs, and what other information to bring along with you. Call us today at (915) 209-2950 to schedule this meeting and follow our page for more personal finance and estate planning tips!