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 …

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It’s Tax Time! Estimated Taxes are Due. – Now is the time to file your taxes and make your estimated tax payment.

Time to make an estimated quarterly tax payment! Both your individual tax return AND first quarter estimated tax payment are due by Monday, April 18th. Here is what you need to know.First quarter due date: Monday, April 18, 2022The estimated tax payment ruleYou are required to withhold or prepay throughout the 2022 tax year at …

Continue reading It’s Tax Time! Estimated Taxes are Due. – Now is the time to file your taxes and make your estimated tax payment.

Common Tax Increase Surprises – I did not owe that last year!

Avoid tax increase surprises at the filing deadline by reviewing these common causes now. Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when this year, you are required to send in a fairly big check to settle your tax …

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Postpone Taxes with a Like-Kind Exchange – The real estate boom creates opportunity

Understanding the like kind exchange rules can help you defer tax when buying real estate, but only if you follow the rules. The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is …

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Tax Prep Checklist: Here is what you might need to file your taxes

Personal Information  A Social Security or tax ID number for everyone included on your tax return Date of birth for everyone on your return. Valid ID or Driver License Income and Investment Information  Form W-2 Wage and Tax Statement -Your W-2 shows how much you earned and how much was withheld for taxes. Retirement account contributions. If you have an IRA an …

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