• Andrew Hipple Earns Enrolled Agent Designation

    We are pleased to announce that Andrew Hipple has recently earned the prestigious designation of Enrolled Agent (EA) – the highest credential the IRS awards. This remarkable achievement is a testament to Andrew’s dedication, expertise, and commitment to providing exceptional financial planning services.

    An Enrolled Agent is a federally-authorized tax practitioner empowered by the U.S. Department of the Treasury. Individuals who hold this designation are recognized for their exceptional expertise in the field of taxation and are granted unlimited rights to represent taxpayers before the Internal Revenue Service (IRS). This means that EAs can handle all types of tax matters and represent any taxpayer in any tax-related issue.

    To earn the Enrolled Agent designation, Andy had to meet stringent requirements, which included passing a comprehensive three-part examination that covers individual and business tax returns, as well as representation, practices, and procedures. This exam, known as the Special Enrollment Examination (SEE), is designed to test the knowledge and skills necessary to handle complex tax situations. In addition to passing the SEE, Andrew was also required to pass a thorough background check conducted by the IRS.

    Learn more about Andrew Hipple

    Andrew’s new designation as an Enrolled Agent underscores his commitment to maintaining the highest standards of professionalism and expertise in the field of taxation. We are confident that his enhanced qualifications will further strengthen our ability to provide top-tier tax planning services to our clients.

  • Lane Hipple Annual Gift Drive Delivers Once Again

    From left: Thomas Lane, III (Partner, Lane Hipple), Melissa Rush (Director of Client Services, Lane Hipple), Maureen Ioannucci (School Counselor, South Valley Elementary), Heather Hackl (Principal, South Valley Elementary), Andy Hipple (Partner, Lane Hipple), and Mike Stringer (COO, Lane Hipple)

    Lane Hipple answers the (jingle) bell

    Once again, the clients and staff of Lane Hipple put forth an overwhelming effort to help bring Christmas to local families who wouldn’t otherwise have the means to celebrate. For the third year in a row, we partnered with South Valley Elementary School, located in Moorestown, NJ.

    Related article: Lane Hipple’s Annual Donation Drive (2023)

    Upon receiving the families’ wish lists from Lane Hipple Director of Client Services, Melissa Rush, our clients took immediate action, delivering gift cards, toys, clothes, jackets, shoes, books, and more. The lists were curated by South Valley Elementary School Counselor, Maureen Ioannucci, who identified and worked together with the families who would benefit most from our annual gift drive.

    “Words can not express the gratitude we have to you and your clients for their outpouring of generosity for our families.  I wish I could take pictures of the families as they come to receive their gifts.  There are tears, hugs and so much gratitude that their children will have a wonderful holiday!!  Once again, thank you from the bottom of our hearts!”

    – Maureen Ioannucci, SVE School Counselor

    The total received from Lane Hipple clients included $4,800 in gift cards, $1,350 in cash donations used to purchase gifts, and all the items shown under the tree below.

    To our clients:

    We are immensely grateful for your incredible generosity! Our campaign to fulfill the holiday dreams of local families has surpassed all expectations. These children had an unforgettable holiday thanks to you! Their parents are overwhelmed with appreciation, making this experience truly feel like a Christmas miracle.

    Wishing you a joyous holiday season and a prosperous new year.

  • Medicare Premiums Going Up by 5.9%

    The Medicare Part B premium will be $185 per month in 2025, a 5.9% increase from this year’s $174.70. Most individuals pay no premium for Part A, as long as they’ve paid into Medicare at least ten years (or are married to someone who did). But for individuals age 65+ who are new to the country (as legal residents) or otherwise don’t qualify for free Part A, they can buy into it for $285 per month if they have at least 30 quarters of coverage, or $518 if fewer than 30 quarters (up from $278 and $505, respectively, in 2024).

    All of the IRMAA amounts went up as well. The IRMAA will start at a MAGI of $106,000 for individuals and $212,000 for couples. MAGI for IRMAA purposes is adjusted gross income plus tax-exempt interest. This is based on the most recent tax return the IRS has on file, generally 2023.

    2025 IRMAA Table

    Medicare participants should have received their premium notices in early December. As always, they can appeal the IRMAA if they have experienced a life-changing event and expect their income to be lower than the amount used to calculate the 2025 IRMAA. If they appealed last year due to retirement or other reasons, they will need to appeal again this year. Then next year the tax return used for the IRMAA should reflect their lower income going forward. If the tax return used to figure the IRMAA is not correct—say they filed an amended return—this is also grounds for appeal.

    The Part B deductible will be $257, up 7% from the 2024 deductible of $240. The Part A deductible will be $1,676, up $44 from $1,632 in 2024. After the Part A deductible is paid—covered by most Medigap policies—Medicare will cover the first 60 days of hospital costs. After 60 days, the coinsurance amounts are $419 per day for days 61–90 and $838 beyond that. These Part A coinsurance amounts are also covered by Medigap. Indeed, these high Part A costs, as well as the 20% coinsurance for Part B, are the reason Medicare supplement insurance (Medigap) is recommended.

    Medicare Advantage is a different animal. These plans are free to establish their own costs and benefits as long as they meet certain minimum Medicare requirements. Many Medicare Advantage plans have no deductible. Some even rebate all or part of the $185 Part B premium. Individuals with Medicare Advantage plans should refer to their evidence of coverage booklet to see what their hospital and other costs would be.

    Take the time to review your situation with a Medicare expert.

  • Lane Hipple’s Annual Donation Drive

    **UPDATE 12/11/24**

    Thanks to your overwhelming generosity, all the gifts listed below were purchased, and we still have a week to go! If you would still like to donate, we will accept gifts card to distribute to these families, and possibly others!

    Hello friends,

    Let’s come together again and support families in our community this holiday season. Collectively over the last few years, we have provided a wonderful holiday for several families and the appreciation and gratefulness that has been expressed to us is heartwarming.

    We have received a list of requested items from local school representatives. Please do not wrap the gifts. If you buy a specific item, please email melissa@lanehipple.com so we can try to prevent duplicates. We did receive duplicates last year and found homes for all the gifts. This list will be updated weekly. Gift cards will be accepted also. Suggestions are food stores, Visa, Target, Walmart, etc.

    Donations will be accepted in our lobby during business hours, 8:30 am to 5 pm, until Tuesday, December 17th.

    **Items crossed out have already been gifted**

    Christmas Tree Family 

    Boy age 10 – size 12 clothes

    • Coat, gloves, hat
    • Loves football
    • Has a PlayStation 5 (maybe Game Stop gift card)

    Boy age 8 – size 7-8 clothes

    • Coat , gloves, hat
    • Cat Man and Dog Man Books
    • Soccer ball
    • Tennis racket and Balls
    • Loves Roblox

    Boy age 5 – size 5 clothes

    • Coat, hat, gloves
    • Coloring books

    Boy age 3 – size 3T clothes

    • Coat, hat, gloves
    • Coloring books

    Snowflake Family 

    Boy age 13 – size 14

    • Coat and clothes
    • Game Stop gift card

    Girl age 12 – size 16

    • Coat and clothes
    • Shoes, size 8
    • Loves music

    Girl age 8 – size 10-12

    • Coat and clothes
    • Shoes, size 3
    • Arts and crafts
    • Loves gymnastics

    Candy Cane Family 

    Boy age 8 (size 10-12)

    • Coat, boots, gloves, hat
    • Shoes, size 4
    • Loves camping and fishing
    • Philly sports
    • Legos
    • Outdoor activities all seasons

    Cookie Family 

    Girl age 8 (size 14/16)

    • Shoes, size 5
    • Anything from Yummi Land
    • Loves Red from Descendents: Rise of Red
    • Surprise Barbies
    • Lip gloss making kit

    Girl age 15

    • Pants (woman size 9/10)
    • Medium or Large tops
    • Shoe size 8
    • Loves crocheting  (needles, colorful thread)
    • Loves make up

    Boy age 2 (size 4T)

    • Shoe size 9 in toddler shoes
    • Loves trucks, planes, helicopters
    • Any learning toys

    Silver Bells Family

    Girl age 9

    • Shoe size 13 
    • Rollerblades
    • Art supplies
    • Books
      • Kawaii Kitties (How to draw) by Olive Yong
      • Kawaii Doggies (How to draw) by Olive Yong
      • How to Draw Kawaii Dragons for Kids by Amandine Cavalieri

    Boy age 12

    • Shoes (size 9)
    • Rollerblades
    • Legos related to Sonic or Minecraft
    • How to Draw Minecraft by Random House
    • Art supplies (markers, paint, sketchbooks)
    • **Books for the family in Spanish and English (preferably in both languages)
      • Hombre Perro (Dog Man, Spanish edition) by David Pilkey
      • Dog Man
      • Los Tipos Malos (The Bad Guy, Spanish edition) by Aaron Blabey

    Snowman Family

    Boy age 6 shirts size ⅞ (favorite color yellow)

    • Submersible Submarine (Amazon)
    • STEM: Zoob Builders (Amazon)
    • Excavator (Amazon)
    • National Geographic Microscope (Amazon)
    • Trains New York MTA New York City Battery Operated set (Amazon)
    • Wooden puzzles US, World, Solar System (Amazon)
    • Model Clay, Kinetic Sand, paint, paint brushes
    • Books – Bob Shea favorite author
      • I Am Invited to a Party, Mo Williams, 
      • Rhyming Dust Bunnies, Jan Thomas
      • Any books about spiders, whales, ocean, or insects

    Girl age 15 Top size 5 (favorite color dark blue)

    • Moorestown School Store – Pull Over Jacket size M
    • Body Scrub (Rituals.com)
    • Face Care (Laneige.com)
    • Lip Gift Set (Laneige.com)
    • Isotoner gloves black, size s/m
    • Winter ear warmer headband
    • Anything My Hero Academia, Anime, fuzzy socks, calligraphy, hair scrunchies

    Girl age 13 Top size 5 (favorite color yellow)

    • Face Care Bubbles Gift Set (Ulta)
    • Mocha Sherpa Sweater size M (Macy’s)
    • Hippie Rose Junior Sherpa half zip (Macy’s)
    • Driftwood Faux fur hoodie size M (Hollister)
    • Black joggers adult M/Tall (Old Navy)
    • OPI nail polish/nail stickers (Target)
    • Any color Prism Pencils or Graded graphite pencils, water colors
    • Winter hat/beret, gloves, fuzzy socks, any boy wash or scrubs, scrunchies

    Thank you for helping make a difference in the lives of these children.

  • Gifting Wealth: Tax-Efficient Ways to Share Wealth During the Holidays

    Share Wealth and Save on Taxes this Holiday Season

    The holiday season is a time for giving, and for those who wish to share their wealth, there are financially efficient strategies that help you give sensibly. Here are some options that can help with gifting wealth or assets for the holidays, while keeping tax implications in mind.

    1. Annual Gift Exclusion for Gifting Wealth

    One of the simplest and most direct ways to share wealth is through the IRS annual gift tax exclusion. For 2024, the IRS allows individuals to give up to $18,000 per recipient without triggering gift taxes or the need to file a gift tax return. Married couples can combine their exclusions to gift $36,000 per recipient.

    The annual gift exclusion is also a smart way to minimize estate taxes because you can take out up to the gift exclusion limit every year, which cuts on your tax liability.

    2. 529 College Savings Plan Contributions

    For those looking to support a loved one’s education, contributing to a 529 college savings plan is another tax-efficient option. While contributions are not federally tax-deductible, the earnings in these accounts grow tax-free, and withdrawals used for qualified educational expenses are also tax-free.

    Additionally, contributions to a 529 plan are considered gifts for tax purposes. A unique feature of 529 plans is the ability to “front-load” five years’ worth of contributions. For example, an individual can contribute up to $90,000 in a single year without incurring gift taxes, provided no other gifts are made to that beneficiary over the following four years.

    3. Charitable Contributions

    Donating to charitable organizations is another way to share wealth that may provide tax benefits. Contributions to qualified charities are generally tax-deductible for those who itemize deductions, and in some cases, donating appreciated assets like stocks may offer additional tax savings. By donating appreciated assets, the donor can avoid paying capital gains taxes on the appreciation, while the charity receives the full value of the asset.

    Some may also consider setting up a donor-advised fund (DAF), which allows for an immediate tax deduction while giving the donor time to decide on specific charitable recipients.

    4. Gifting Wealth through Appreciated Stock

    Gifting appreciated stock can be a tax-efficient way to transfer wealth to family members, particularly those in lower tax brackets. When appreciated stock is gifted, the recipient assumes the donor’s cost basis and holding period. If the recipient is in a lower income tax bracket, they may be able to sell the stock and pay less in capital gains taxes, or potentially none if they fall within the 0% capital gains bracket.

    5. Direct Payments for Medical or Educational Expenses

    Another strategy for tax-free gifting is paying for someone’s medical or educational expenses directly. Payments made to medical providers or educational institutions on behalf of another individual do not count toward the annual gift exclusion and are not subject to gift taxes. This approach allows people to provide meaningful assistance without reducing their available gift tax exclusion.

    6. Gifting Wealth by Establishing a Family Trust

    For those considering longer-term planning, creating a trust can offer a way to distribute wealth over time while providing potential tax advantages. Depending on how the trust is structured, it may allow assets to grow outside of the donor’s estate and, in some cases, offer tax benefits to both the grantor and the beneficiaries. A common vehicle for this is an irrevocable trust, which removes assets from the donor’s taxable estate.

    Conclusion

    During the season of giving, there are many tax-efficient ways to share wealth and uplift others. With a little planning, you can give to a charity, support a child’s education, help a loved one in need, or establish a legacy for your family, all while managing your tax burden.

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