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Click on the links below to jump to each section in this article: Payable-on-Death Accounts: Beneficial Tools if Used Correctly Avoid Misinformation About Tax-Favored Health Accounts 2024 Depreciation Limits for Business Vehicles   Payable-on-Death Accounts: Beneficial Tools if Used Correctly Payable-on-death (POD) accounts can be a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank or credit union accounts, certificates of deposit and even brokerage accounts. Setting up such an account is as easy as providing the financial institution with a signed POD beneficiary designation form. Upon your death, your beneficiaries just need to present identification to the bank, with a certified copy of a death certificate, and the money or...

Click on the links below to jump to each section in this article: A Strategy to Raise Your Medical Expense Deduction Handling Large Cash Transactions Erroneous Refund   A Strategy to Raise Your Medical Expense Deduction With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible. It’s not an easy hurdle to clear, short of a major medical disaster, which, of course, you want to avoid. But you can use a strategy called “bunching” medical expenses to exceed the 7.5% threshold. Say, for example, that you’ve already scheduled surgery that will involve out-of-pocket expenses but you still fall short of the deductible threshold. Think...