Column
Feds Increase IRA Contribution Amount
By Chris Gelfuso-Uplevel Business Services
The Internal Revenue Service announced earlier this month that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
If you are aged 50 or older, you can contribute up to an additional $7,500 which means you can contribute a total of $31,000 through payroll deferrals from your wages at work. This can provide significant tax savings as the amount contributed is pre-tax.
If your income tax rate is 25%, you would save $7,750 in taxes when you file your 2025 tax return if you contributed the full amount allowed for those 50 and older. This tax savings scenario does not apply to contributions to a ROTH 401(k) since those are after tax.
Editorial-La Mirada has Responsive City Government
In it's nearly 64-year history as a city, La Mirada has always exceled in executing the two basic functions of local government: maintaining the roads and keeping the public safe.
The community is known for its lengthy, green, manicured roadways and is consistently recognized as one of the safest cities in the region.
Financial prudence, awesome community services, a model graffiti-removal program and just the overall well-kept nature of the city really should be considered as icing on-the-cake.
La Mirada may not be the flashiest city. We may not be perfect. We may not have an expensive nightclub or giant department store, but we do a lot of things well.
Many of these little things we do well fly under the radar. (more)
A letter from City Council Candidate John Accornero
EDITORS NOTE: The next La Mirada General Municipal Election for District 3 will be held on Tuesday, March 5, 2024. The qualified candidates are John Accornero and Ed Eng. This letter was emailed to us by Candidate Accornero.
In Districts 4 and 5, only incumbents Steve De Ruse and Anthony Ortero filed nomination papers respectively, therefore they were appointed to council and the election for these two districts was cancelled.
Dear La Mirada Resident,
My name is John Accornero and I am running to be elected to the City Council in the 3rd District.
I am asking you to vote for me in the election on March 5, 2024.
About me
I have lived in La Mirada since I was two years old and except for a six-year absence, have lived here ever since. I am 58-years-old, love gardening (I have orchids, palms, carnivorous plants and of course fruits and vegetables). I have been married to my only wife since 2009 but was not blessed with children. I love astronomy and watching rocket launches like some watch sports games. I used to scuba dive and hope someday I can get back into the ocean getting wet (I love water). I went to St Paul High School, class of 1983 and to Cerritos College, not knowing what I really wanted to do, but I took Botany, Zoology, Marine Biology, Calculus, and Ornamental Horticulture. (more)
Tax Changes When Using Third-Party Apps for Transactions
You may have heard about a change in the tax law that lowered the threshold for when Payment Settlement Entities" (PSEs) are required to issue a 1099-K.
The old rule was that the PSE ("third party network") must send the taxpayer a 1099-K if: 1) The entity made payments to the taxpayer of more than $20,000 during the year, and 2) The taxpayer processed 200 or more transactions through that Payment Settlement Entity.
Well, now the limit is more than $600 and there is no transaction threshold.
What is a "Payment Settlement Entity"? (more)
The Principle of Honor
We live in a cancel culture society here in the United States of America. Cancel culture thinking has infiltrated not only the public, but also our institutions of higher learning.
One of the most valuable traits that has been lost in this country is the issue of honor. Think of honor as a magnet. What I am about to say has the potential to put everything in your life back into order.
“What you honor comes to you and what you dishonor goes from you.” This fact will work in relationships, in your business endeavors, in your finances, in your politics, and everything else in your life. Let’s call it the principle of honor. (more)
It’s Your Taxes-new credit for used electric vehicles
Are you interested in purchasing an electric vehicle but new ones are just too expensive?
Well, as of January 1, 2023, you can now get a tax credit of up to $4,000 on the purchase of a used electric vehicle from a dealer. That’s right, only purchases from a car dealer qualify so don’t buy your neighbor’s old Tesla if you want the tax credit. (more)
It’s Your Taxes-big changes for residential energy property credits
Editor’s note: The La Mirada Blog would like to welcome tax advisor Chris Gelfuso founder of Uplevel Business Services to our team of contributors (see ad on this page). Uplevel specializes in bookkeeping, payroll, and tax return preparation for individuals, small businesses and the self-employed. Moving forward, Chris will be producing a monthly column here, providing news and trends of the industry with timely updates and valuable information on ways individuals and small businesses can save money on their taxes.
Home Improvement Tax Breaks!
You might have heard in the news that The Inflation Reduction Act of 2022 was signed into law by President Joe Biden on August 16, 2022. The main provisions of the act can be summarized as the following: (more)
Recent posts
Feds Increase IRA Contribution Amount
Fatal shooting near the VFW La Mirada
