October extension deadline fast approaching Tip Category: Miscellaneous Monday, October 17th marks the extension deadline for filing your 2021 Form 1040 tax return. Given all the recent tax legislation, numerous stimulus checks and COVID-related tax changes, there are more open tax return filings than ever! If you have not filed a tax return and don't think …
Month: September 2022
Effective and Marginal Tax: Know Yours!
Understanding the difference between these two tax rates Tip Category: Miscellaneous The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation. Definition Marginal Tax Rate: This …
Reduce Your Medical Expenses
Tax smarts that make a difference Tip Category: Planning Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $30,260 on healthcare in 2022 – a $4,699 increase from 2020. Below are some ways you can save tax dollars when paying those medical …
The New $7,500 Tax Credit That Isn’t
What you need to know Tip Category: What's New A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase clean and electric vehicles. The bottom line, however, is that practically speaking YOU CAN’T GET IT. Why few credits will be seen As the new legislation is currently written, nearly all the …
Client Update Newsletter: September 2022
New energy credit details and understanding the financial landmine if your car is ever totaled by insurance lead this month's newsletter. Read on! This month's newsletter recaps the details of the revamped electric vehicle tax credit and other energy credits in newly passed legislation. Also included this month are some tips to review your recurring …
Reminder: Third Quarter Estimated Taxes Due Now is the time to make your estimated tax payment
Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider. Tip Category: PlanningIf you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here.Due date: Thursday, Sept. 15, …
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