IConnectGreen LLC

10/23/2025

Starting in 2026, this is something that you want to be up to date on if you have a newborn in 2025 and beyond.

🍼 Did you know the new tax law creates a federally backed investment account—the “Trump Account”—for every American baby born between 2025 and 2028?

🤔 FAQs:

Q: When does this start?
A: The program launches in 2026, with funds accumulating tax-deferred until your child turns 18.

Q: What does a new baby get automatically?
A: Each eligible newborn receives a one-time government contribution of $1,000 to start the account.

Q: Can you contribute more than the $1,000?
A: Yes! Parents, relatives, employers, and others can contribute up to $5,000 per year per child. Starting in 2028, this amount adjusts for inflation.

Q: Where is the money invested?
A: Investment earnings grow tax-deferred. Money is invested in a diversified index of U.S. stocks for potential long-term growth.

Many details remain uncertain, such as who will administer the accounts, how to open them, and how parents will be notified.

💡 Bottom line: This is worth paying attention, but stay tuned as many operational details are still being finalized!

07/23/2025

The IRS will NEVER email you. They send letters via USPS only!

Beware of phishing schemes aimed at stealing your identity through fake emails, including those directing you to click on fraudulent links to obtain your tax documents or “account summary.” See: www.irs.gov/phishing

11/22/2024

Some tax change projections to think about for the upcoming years.

With Republicans appearing to have secured a sweep of the White House and both chambers of Congress, the most immediate question for many financial advisors and their clients is what impact the election results will have on the scheduled expiration of the Tax Cuts & Jobs Act (TCJA) at the end of 2025. https://bit.ly/3UPk0aT

Kitces Senior Financial Planning Nerd Ben Henry-Moreland breaks down some areas:
-The current 7 tax brackets and increased standard deduction that have been in effect since 2018 are expected to remain largely unchanged
-The $10,000 limit on SALT deductions is much more likely to become a negotiating point
-The Child Tax Credit, which is currently capped at $2,000 per child, with some bipartisan support to raise it at least to the pandemic-era $3,600 maximum
-The AMT could be amended as part of SALT cap negotiations to kick in at lower income levels for households with high SALT deductions
-The Section 199A deduction for Qualified Business Income (QBI) for pass-through owners, which could conceivably be increased if Congress pursues Trump's proposal to cut corporate tax rates from 21% to 15% in order to preserve the proportionate difference between pass-through and corporate tax rates
-The gift and estate tax exemption, which appears likely to remain at its current elevated level, reducing the urgency for high-net-worth households to gift assets or implement trust strategies to reduce their taxable estate before 2026
More in the link.

08/16/2024

The alarming rise in elder financial exploitation (EFE) is reaching new heights, with adults aged 60 and over reporting more than $1.6 billion in losses per year due to scams, according to the Federal Trade Commission.

What's even more concerning is the increasing sophistication of scams fueled by artificial intelligence (AI). 🤖

Scammers are now using AI-generated voices and deep fake videos to impersonate loved ones, government officials, and even celebrities, making distinguishing reality from fiction more challenging than ever.

The Financial Crimes Enforcement Network (“FinCEN”) released its Financial Trend Analysis in April 2024. It focused on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation (“EFE”).

Key findings include:

▪️ Banks filed 72% of all EFE-related filings.
▪️ 80% of EFE-related filings involve transferring money to a stranger for a promised benefit that the older adult does not receive.
▪️ 20% of EFE-related BSA filings involve theft, where a trusted person steals from an older adult. Unfortunately, 40% of elder theft reports named the elder adult’s children as the perpetrators.
▪️ Perpetrators mostly rely on approaches that minimize direct contact with bank employees, including previously compromised usernames and passwords, guessing passwords, or phishing emails that elicit replies containing sensitive information.

We all have a role in helping protect our seniors from financial exploitation.

Be sure to take proactive steps to help educate and protect your loved ones. Let us know if you’d like to discuss ways to potentially safeguard their financial well-being.

07/23/2024

Please share the last time you used the USPS! We mail items every month.

On Sunday, the cost of a stamp is going up for the second time this year, jumping 5 cents for first class postage to 73 cents. You probably didn’t notice.

07/12/2024

Just the title "The 20 best states to be rich" makes this a should read!

Residents with high earnings in these 20 states get a bigger break on their taxes, paying a smaller percentage of their income.

04/09/2024

It is tax week! Are your taxes done?

03/30/2024

Today on , we honor the over 2.7 million American men and women that Veterans Affairs confirmed served in Vietnam.

From those who fought on battlefields to support and medical personnel, this is a day for acknowledging Vietnam Vets' immeasurable contributions despite confronting unimaginable adversity. ❤️ Their bravery and actions to protect democracy will not be forgotten.

03/18/2024

Let's talk taxes, shall we?

Taxpayers saw their tax refunds shrink last year due to the expiration of pandemic benefits. But some people may get a boost in 2024.

03/05/2024

Need more time for your taxes? 💼 An IRS extension can help.

April 15 🗓 is technically tax day—but if you need a little longer ⏳, it’s also the last day you can request an extension by filing Form 4868, which gives you until Oct. 15, 2024, to file your return.

The Wall Street Journal reported in January 2024 that IRS data shows that 10–15% of Americans file a tax extension form 📄 in a typical year.

A tax extension is simply a form you submit to the IRS by tax day, which extends your filing deadline 🕐 by about six months.

But here's the tricky part: A tax extension extends the deadline to file your completed 1040 personal tax return 📝, not your time to pay.

So, if you requested an extension ✉️ on your 2023 taxes, you should consider making arrangements to pay any taxes owed by the regular April tax filing deadline.

(Note: Filing the extension form 📄 with the IRS only applies to your federal income taxes. Those subject to state income tax must file a separate extension.)

Another interesting fact: 💡

If you contribute to a retirement account, you still need to make all contributions 📥 for the 2023 tax year by April 15, 2024. However, a tax extension can push back contribution deadlines 📆 for some small business retirement plans 💼.

For instance, if you file an extension, you can contribute 📥 to certain accounts for the 2023 tax year until the October 2024 filing deadline.

Remember, this post provides some high-level insights. Consult your accounting or tax professional 👔 before making any decision.