FTM, LLC. (Financial Technologies and Management)

If you’ve recently sold your home and realized a capital gain, you may be able to exclude some or all of the gain from the sale. To claim the exclusion, you must pass IRS ownership and use tests. During a five-year period ending on the date of sale, you must have owned the home and lived in it for at least two years. If qualified, you may be able to exclude a capital gain of up to $250,000 from your income ($500,000 for married joint filers). Be aware that the exclusion is available only for your main home (not a second home). If you realized a loss on the sale, it’s not deductible. For more information from the IRS: https://bit.ly/3GCMQqz or contact us at (317) 819-0780 with questions.

Do you use a vehicle for business purposes? You may be able to deduct related expenses using one of two methods: the standard mileage rate or the actual expense method. The standard mileage rate offers simplicity: You just multiply business miles driven by the IRS rate, which is 70 cents per mile in 2025. Prefer tracking every cost? Use the actual method to deduct gas, oil, maintenance, insurance and more. Choose the method that saves you the most time and money! Contact us at (317) 819-0780 to help decide what's best for your situation.

Struggling with tax debt? An Offer in Compromise (OIC) might be the solution if you’re eligible. The IRS allows qualified taxpayers to settle their debt for less than the full amount owed. If you're facing financial hardship, an OIC can help you get back on track while avoiding overwhelming penalties. The process requires proper documentation, negotiation and a $205 nonrefundable application fee. Be aware that most offers aren’t accepted. But in the right situation, it can significantly reduce an individual’s tax burden. Contact us at (317) 819-0780 to see if you’re a candidate.

Static budgets can quickly fall out of sync with reality in today’s volatile markets. Rolling forecasts offer a smarter, more flexible approach, updating your projections throughout the year to reflect real-time changes in your business, industry and market. They complement your annual budget and help you make better decisions, faster. Want to improve your forecasting and budgeting? Let’s talk. Call us at (317) 819-0780.

Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic violence can withdraw the lesser of $10,000 or 50% of an account balance. Also, you’re allowed one $1,000 “emergency” distribution annually to pay unexpected costs. For a complete list of exceptions that would enable you to take penalty-free early withdrawals from IRAs and 401(k)s: https://bit.ly/4c4JAyT. Questions? Contact us at (317) 819-0780.

Probate can be expensive and significantly delay the distribution of assets to your loved ones. But you can sidestep it on your bank, brokerage and other eligible accounts by converting them to payable-on-death (POD) accounts. How? Simply complete a POD designation form naming one or more beneficiaries. At your death, the financial institution will transfer any balance directly to the named beneficiaries, outside of probate and usually within a few days of receiving a death certificate. Looking for more ways to reduce expenses and achieve your estate planning goals? Call us at (317) 819-0780.

Thinking about saving for a child’s education? A Section 529 plan is a tax-advantaged option. There are two types: savings plans and prepaid tuition plans. The right plan for you depends on factors such as your financial goals, where the child might attend school, and what costs you want to cover. Let’s review your options together. Call us at (317) 819-0780.