New 2025 HSA Limits, SCOTUS Income Tax Case, Expensive States for Homeowners?

Unrealized Gains Tax Survives U.S. Supreme Court | Summer Activities That Might Lower Your Tax Bill | HSA Limits Rising Again for 2025 Created for {EMAIL} | [Web Version]( June 23, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Income Tax [] [Unrealized Gains Tax Survives U.S. Supreme Court]( [Unrealized Gains Tax Survives U.S. Supreme Court]( (Getty Images) In a long-awaited ruling released June 20, the United States Supreme Court upheld a mandatory repatriation tax introduced by the Tax Cuts and Jobs Act (TCJA). The 7-2 decision, which involves U.S. taxpayers with substantial ownership in certain foreign corporations, was expected to have implications for the taxation of wealth in the United States. [Here’s more on what SCOTUS had to say in Moore v. U.S](. [] Summertime [] [Summer Activities That Might Lower Your Tax Bill]( [Summer Activities That Might Lower Your Tax Bill]( (Getty Images) Summer is here, which means it's time for some fun in the sun. However, it's important to remember that some summer activities can impact taxable income for your next federal return. The IRS has identified [five things you might do this summer that can affect your taxes next year, along with some tax planning tips to help you navigate them](. [Boost Your Wealth with CRE 1031 Exchange Investments]( Maximize returns with 1031 exchange properties, averaging 7% annual distributions. Invest $600,000 for $42,000 yearly, about $3,500 monthly. Enhance income, enjoy tax benefits, and secure consistent cash flow for sustainable wealth. Ideal for stable growth. [LEARN MORE]( ADVERTISEMENT [] Tax Planning [] [HSA Limits Rising Again for 2025]( [HSA Limits Rising Again for 2025]( (Getty Images) Health savings accounts (HSAs) are known for their triple tax advantage: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. Recently, the IRS announced HSA contribution limits for 2025. Although the increases are modest compared to the record-high HSA limit increase for 2024, they still offer tax benefits. [Here's what you need to know to plan](. Featured Content Sponsored Content from The Kiplinger Tax Letter [Stop Overpaying on Your Taxes.]( Get a [FREE ISSUE]( of The Kiplinger Tax Letter and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then save up to 58% off the cover price to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( [] In the News [] [IRS Direct File Will Return Next Tax Season]( You may have heard that the IRS recently finished a Direct File pilot program. The initiative was designed to provide taxpayers with a new, easy way to file their federal returns directly with the agency for free. There were concerns about whether the program, with critics including some in the U.S. Congress and industry giants like Intuit TurboTax and H&R Block, would continue next year. The IRS has answered that question, announcing that Direct File will be a permanent option for filing federal tax returns, beginning with the 2025 tax season. [Read More]( [6 Things Not to Do When Selecting a Financial Advisor]( Working with a financial advisor can be a great first step to helping make sure you're on track to reach your retirement goals. But choosing the wrong one could wreak havoc. Check out these 6 things not to do when choosing a financial advisor, so you can work to potentially avoid years of stress. [See the list]( ADVERTISEMENT [] In Case You Missed It [] [Most Expensive States for Homeowners]( Purchasing a home can be costly. You’ll likely make a down payment, cover closing costs, and make mortgage payments over a long period. Although you may eventually pay off your mortgage, property taxes are an ongoing expense for homeowners. In case you missed it, the following locations have the highest median property tax bills in the United States, making them some of the most expensive states for homeowners. [Read More]( [5 Things to Know When Building a Retirement Plan]( Just like a movie, a comprehensive retirement income plan incorporates the ebb and flow of cash flows, ensuring your assets align with your living expenses throughout retirement. To build an effective plan, start with these five essential steps. 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