Inflation Spikes Social Security Checks for 2022

The Social Security Administration announced a whopping 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021. For those contributing to Social Security through wages, the potential maximum income …

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Tax Planning Insights: October 2021

If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. The Mutual Fund Tax Surprise!Some tax planning tips for mutual fund investors From a tax planning viewpoint heading into the 2021 tax season, here are some great mutual fund tips to avoid …

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File That Tax Return! – October extension deadline fast approaching

Time to file your tax return for 2020 if you have not already done so. There is no reason to leave a possible refund on the table, and the IRS is not going to beg to send you back your money. Friday, October 15 marks the extension deadline for filing your 2020 Form 1040 Tax …

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Tax Planning Insights: September 2021

As states create tax laws to capture revenue from non-resident individuals and small businesses, many are caught unaware of the changing state tax landscape. Make sure this doesn't happen to you. State Taxing Authorities Are Coming After Your Money Laws have been created that snag taxpayers everywhere New state tax laws are making more and …

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Reminder: Third Quarter Estimated Taxes Due

Make your estimated tax payment now If 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: Wednesday, September 15th, 2021 Remember, you are required to withhold at least 90 …

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Avoid Tax Traps with Loans to Friends and Family

The IRS assumes you'll charge interest if you make personal loans, even to friends and family. Even if you don't charge interest, you'll owe tax on an assumed rate of interest. Lending to friends and relatives can be tricky, and not only because of the stress it can place on your relationships. There are tax …

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