Ten ideas to maximize the benefits of your investments Mutual funds benefit from the long-standing belief that they allow investors to diversify their holdings without buying individual stocks. But to the unwary investor, tax surprises are abound. From a tax planning viewpoint, here are some great mutual fund tips. Most of these tips assume your …
Month: July 2021
Understanding Tax Terms: Installment Sales
If you use an installment sale to sell property, you may save on taxes by spreading out the tax over a number of years. But be careful! If not properly planned, you may have a nasty tax surprise. If you use an installment sale to help sell property, you can benefit from tax deferral and …
Time for a Checkup – Are you withholding enough for your taxes?
With all the changes last year, now is a great time to conduct a tax checkup, especially since their is still time to make adjustments. As we enter mid-year, it's a good time to check your tax withholdings to ensure you haven't been paying too much or too little. This is especially true if your …
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Borrowing Money from Your 401(k) – Good idea? …not so much
Considering loaning yourself money from your retirement account? Read this first! For years you have put away money from your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan …
Continue reading Borrowing Money from Your 401(k) – Good idea? …not so much
Client Update Newsletter: July 2021
Ideas to Lower Your 2021 Tax Bill Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now and December 31. So consider investing in …
The Household Employee Problem
Don't get caught by the nanny tax This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. Could you be impacted? This is what you need to know. Nanny tax explained In an effort to capture income from household employees, the tax code requires you to …
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